Wondering how health insurance reform will affect your rates?
As most people already know the Affordable Care Act will have wide-ranging impacts on the individual health insurance market. This mandate will mostly affect self employed individuals and families purchasing coverage on their own and small businesses with under 20 employees. Many parts of the law will raise
costs for insurance. For instance, the cost of new mandated coverage, fees, and taxes will be included in your premiums dollars.
Individuals and families will lose discounts for good health and not smoking, while others will benefit from the elimination of rate increases. For low income individual they will pay as little as 2% of their total income to have health coverage, while a family earning $82,000 a year will not have to pay more than 9.8% of their income. For families earning over $82,000 or over a single person earning over $40,000 there currently will be no price guarantee. While none of this is written is stone or currently active – and this all could greatly change – it is important to realize that probably anyone reading this WILL if fact pay more in 2014 then they pay today.
Inevitably there will be a great deal of loop holes to this whole system. Working with a good agent is key to having affordable health insurance. EasyToInsureMe.com can always be reached at 877-305-9083. One example of a loophole that may present itself is not claiming children that are 18 or older on your taxes. Most of these young adults have very low income, so they could buy their own coverage at extremely low rates.