Facts on health insurance through Obamacare

The year is flying by & beginning in 2014, you will be required to have health insurance coverage. There is still large confusion on how insurance will be bought & sold, how much it will cost. You need to know the following facts to prepare for the health insurance change.

Where will you get health insurance?

Insurance will be purchased exactly the same place you purchase insurance now through big or small employers, public programs or individual coverage. Large employers will be required to offer coverage or pay a fine. Some employers will choose to provide coverage & some will refuse because the fine is cheaper. If they do not offer coverage, purchase your own coverage on the health insurance exchange without the fear of being turned down or being sold a substandard policy.

If your employer does not offer coverage, what should you do?

Insurance can be purchased on the health insurance exchange. Massachusetts has a version of Obamacare already in place & their exchange functions very well. Take a look at it & see how easy it is to purchase coverage.

Pricing is based on only four factors & bad health is not one of them.

The most common questions concern about the cost of health insurance. Health issues will not be a factor for your health insurance premium. The price will be based on 4 factors:

# 1­- older people pay up to three times more than younger people.

# 2- number of people in the family.

# 3- people who live in high cost health areas will pay more than people who live in low cost health areas.

# 4- tobacco users will pay near 2 times non-tobacco users.

Will your health insurance cost high?

It depends on you, i.e. your income, what state you live in & if you currently have group or individual coverage.

When do you purchase health insurance?

For individual coverage, open enrollment starts October 1, 2013. It is important to shop during the open enrollment period.