A common misconception about individual health insurance is that it costs more than employer-based (“group”) health insurance. When in fact, on average, individual health insurance costs up to 60 percent less than comparable coverage on the group market. How much does individual health insurance cost? Let’s take a look.
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Insurers across the country are requesting larger individual health insurancepremium increases for 2017, citing financial losses under Obamacare. The proposed rate increases vary significantly from state to state. While these increases will affect consumers, many will not be heavily impacted given the tax credits that are widely available to most exchange participants.
As 2016 passes the halfway point and the end of summer is near, individual healthinsurance companies are working to set rates for 2017 marketplace plans. The Affordable Care Act (ACA) has seen much scrutiny lately, especially with the announcement that United Healthcare would pull out of most states at the end of this year, citing massive financial losses.
The Affordable Care Act (aka ACA or Health Care Reform) requires certain individuals to purchase health insurance or else pay a fee at tax time. This is called the ACA's "individual shared responsibility fee" or "individual mandate".
Obamacare Insurance Exchanges
Obamacare introduced new Health Insurance Exchanges (“Marketplaces”). The Marketplaces are websites where you can shop, compare, and enroll in an individual or small business health insurance plan.
ACA Tax Credits and Subsidies
Premium Tax Credits for You and Your Family
As part of Obamacare, the federal government provides discounts for health insurance to eligible individuals and families. The tax assistant program, called premium tax credits, help many people buy more affordable individual or family health insurance coverage through the new state Health Insurance Marketplaces.
The tax credits are only available to you if you enroll in health insurance through your state's health insurance marketplace. If you are eligible for these health insurance tax credits, they will cap your cost of health insurance at 2% - 9.5% of your household income.
Beginning in 2014, massive tax subsidies will be available to help individuals buy individual health insurance coverage through the new state-based public exchanges. Tax subsidies will be available, beginning in 2014, for individuals who enroll in silver plans through an exchange.
Recently, HHS re-branded health insurance exchanges as "Health Insurance Marketplaces". Here's an overview of the new Health Insurance Marketplace in the administration's words (taken directly from the HHS website). What do you think?
This article provides a quick overview of the individual shared responsibility payment, and two examples of the payment for 2014.
How Much is the Individual Shared Responsibility Payment?
The Individual Mandate and the Affordable Care Act
What is the Obamacare Individual Mandate?
Under the Affordable Care Act’s Individual Mandate, most Americans are required to have health insurance, or pay a tax penalty if they don't. This Obamacare rule is called the “Individual Mandate” or “Individual Shared Responsibility Fee” and started in 2014.
This state by state guide to the new Health Insurance Marketplaces provides an overview of the Marketplaces and how each state will structure their Marketplace. To summarize, starting in 2014 health insurance coverage for individuals and small businesses will become available through new state health insurance marketplaces.
As of 2014, there is a big change in individual health insurance. Employees can only enroll in guaranteed-issue individual health insurance during specific open enrollment periods and special enrollment periods. Employees are eligible for a special enrollment period if they have a qualifying event.
Starting in 2014, the Individual Health Insurance Marketplaces will make it simple and more affordable for employees to get health insurance that can't be canceled or denied because of a pre-existing medical condition. Read on for Frequently Asked Questions regarding the individual health insurance marketplace.
On January 14, the Centers for Medicare & Medicaid Services (CMS) announced it will extend transitional coverage to those currently enrolled in the Pre-Existing Condition Insurance Plan (PCIP) until March 31, 2014. PCIP has been the federal health insurance risk pool, created in 2010 by health reform.
One big change brought on by the Affordable Care Act (ACA) is that individual health insurance plans will have open enrollment periods — set times when people can buy a qualified health plan through the Health Insurance Marketplace, or outside the Marketplace from an insurer or agent.
Starting in 2014, health insurers will be prohibited from denying coverage to people in the individual health insurance marketplaces because of a pre-existing medical condition. This is commonly referred to as "guaranteed-issue."
The Affordable Care Act’s pre-existing condition exclusion provision prohibits health insurers from denying coverage to individuals because of a pre-existing health condition. This provision is also referred to as "guaranteed-issue" because everyone - regardless of health conditions - is guaranteed to be issued health coverage.