With the Affordable Care Act (ACA) now in place, many people have questions (and misconceptions) about individual health insurance. What are the facts?
The truth is, the ACA made sweeping changes to the health care industry. For the first time, individual health insurance is more accessible, more affordable, and more reliable than any other available option. And, the new Health Insurance Marketplace allows Americans to shop and compare plans while, if eligible, access federal premium tax credits.
We've provided six quick facts on the benefits, future, and inner-workings of individual health insurance, all explained in 140 characters or less.
6 Facts About Individual Health Insurance
1. Insurance carriers must now accept all applicants for individual health plans regardless of health status. These are called Guaranteed-Issue Individual Health Plans.
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2. Individual health insurance allows an employee to keep their plan when they switch jobs.
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3. The Centers for Medicare & Medicaid Services (CMS) expects the number of individual health insurance policy holders to jump to 31 million by 2020.
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4. If an employer does not offer “affordable and “qualified” health insurance, employees (contingent of income) may be eligible for premium subsidies through the Health Insurance Marketplace.
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5. Individual Health Insurance allows employees to choose the plan that best fits their needs, including their network of health professionals.
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6. Employees opting for individual health insurance see an average annual savings of $2,804 for single coverage and $9,677 for family coverage.
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Questions? Leave a comment.
