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Health Exchange Updates- What to Expect in 2014: Basics

The Health Insurance market in California is going to change dramatically in 2014 with the coming health insurance exchanges.

The Basics:

The Affordable Care Act will set new health insurance requirements starting in 2014. Here are some of the basics of what is coming down the pipeline:

1. All Americans must have a minimum amount of health insurance or be taxed by the government.
2. Each State must setup a health insurance exchange where people can buy health insurance coverage. The exchanges do not replace buying health insurance on the private market, they are simply another place to shop and buy health insurance.

3. There will be four different tiers of health insurance plans which will be sold in the health insurance exchanges (Bronze, silver, gold, and platinum.)

All health insurance plans Must Include “essential health benefits” as defined by the new health insurance laws. As of October 2012 (Subject to change) these are:

1. Ambulatory patient services
2. Emergency services
3. Hospitalization
4. Maternity and newborn care
5. Mental health and substance use disorder services, including behavioral
health treatment
6. Prescription drugs
7. Rehabilitative and habilitative services and devices
8. Laboratory services
9. Preventive and wellness services and chronic disease management
10. Pediatric services, including oral and vision care

The health insurance exchanges are expected to open for enrollment in October of 2013, with insurance plan effective dates starting in January 2014.

In 2014, individuals will have three options for health insurance. The ACA requires that all health insurance plans must be “guaranteed isse.” This means that you cannot be denied coverage or have your health insurance premium increase because of a health condition. People who are not covered by a government health insurance plan have three choices:

1. Obtain health insurance through your employer if your employer offers health insurance.
2. Buy a health insurance policy through the health insurance exchange market, or individual health insurance market.
3. Choose to go uninsured for health insurance, but face paying a penalty unless exempt.

Health Insurance is changing rapidly with the passing of the Affordable Care Act. Our insurance agency is keeping up with the updates as they come down the pipeline. If you have any questions or would like to obtain a health insurance quote for yourself or your business, please contact:

Dan Baxter
Baxter Insurance
805-963-4048 Phone Email

**This blog post is informational in nature only and should not be used has professional advise. Please consult with your insurance, legal, or tax professional for advice specific to you and your situation. Information on this blog may be outdated or incorrect as insurance is constantly changing. Please contact our office for a one on one appointment, or your own professional for advice for your situation.

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