You are going to have several different options for individual health insurance coverage under the Affordable Care Act (ACA), which goes into effect on January 1st, 2014. It is important to make sure you are fully prepared for the changes to healthcare, by reviewing your options, now, and selecting a plan. It should be noted you are not required to start coverage immediately, but need to have a plan starting on January 1st, 2014, when it will be required for most United States citizens to have coverage.
If you are currently participating in an employer-sponsored plan, you may not have to do anything. Your plan should continue, as normal, under the new reforms. However, it is worth your time to review your current plan and ensure it covers all 10 of the Essential Health Benefits. Further, you might be eligible for a different type of individual health insurance coverage, in situations where you are currently paying more than 9.5 percent of your income, or your employer-sponsored plan does not provide sufficient coverage based upon ACA standards.
In the event you do not currently have coverage because you are self-employed, unemployed, or your employer does not offer a sponsored plan, you have the freedom to choose from any of the new plans. All new plans are required to include coverage for the 10 Essential Health Benefits. The differences are found in how much your premium is going to cost, as well as the percentage paid for covered services and items. For example, a Silver-level plan will cover 70 percent of expenses and has a lower premium than Gold-level or Platinum-level plans. Further, to help offset the costs of your premiums, you may qualify for subsidies and tax incentives to pay for your required coverage.