Healthcare reform has been a hot button topic in the United States for some time now and public opinion has generally been supportive of some degree of government involvement. With the recent implementation of the Patient Protection and Affordable Care Act, championed by president Barack Obama, some confusion has been generated among Americans as to how the new law will affect them.
There are, first of all some important facts about the new law that should be made clear in order to begin to alleviate the confusion.
New plans being offered in 2014 and beyond must have benefits and coverage that fit within four categories: bronze, silver, gold, and platinum. If the plans meet these criteria then they are considered “Qualified” plans. Plans that do not meet this Federally mandated criteria would be deemed “non-qualified” plans. Americans must purchase Qualified plans or pay the tax or fine outlined above. The categories can best be explained as follows:
Deductibles, copays and coinsurance that an insured has to pay toward medical expenses on a Bronze plan is much higher than a Platinum plan, thus, the Bronze plan is much less expensive than a Platinum plan.
The total cost of your health care coverage is not only dependent upon the plan you choose under the new laws but also on your age, where you live, the size of your family and your income.
These are just a few points how the health care reform law affects us. Give Ankley Insurance Services a call today so they can help you understand how this law affects you and what plan is right for you and your situation.