If you’ve been staying abreast of all the national news pertaining to recently imposed Florida health insurance mandates and federal fines for not signing up at the Health Insurance Marketplace, then there’s a good chance you’re a bit confused. While it might seem as though things have become even more convoluted and difficult to decipher, the affordable care act was actually established in order to help rebalance an increasingly strained and subjective insurance industry. Before the law was introduced it was possible for companies to engage in direct discrimination of individuals thanks to loopholes, particularly those which pertain to pre-existing conditions. Anyone can sign up and even check to see if they pre-qualify for special tax breaks, incentives or subsidies. Then you can compare these rates to what the public sector can provide via a service.
If you Qualify for a Subsidy…
Assuming that you’re one of the many that will ultimately qualify for some type of special subsidy, then a number of options will open up to you which will translate into lower premiums and increased care. Of course, this also means that you must choose from a list of “exchange plans” which have been set up and pre-approved by the federal government itself. The actual options and benefits will vary widely depending on a number of circumstances, including your personal history, relevant dependents, employment situation, existing health conditions as well as where you live. All of these factors will determine what sorts of policies will be made available to you.
If you Don’t Qualify for a Subsidy…
Not everyone will receive benefits, sadly. While this is largely to be expected (and not really much of a radical change from the older system) it does mean that certain people will need to choose from a list of private providers. Moreover, each participating company is rated (between 1 and 5 stars) for their overall level of coverage and premium prices. In these health exchange plans you’ll encounter wider price discrepancies and varying levels of coverage as well.
At the same time, certain individuals will more or less have to seek out private providers due to the fact that they might be self employed or working for a company that doesn’t offer group coverage. Likewise, many might be interested in changing certain elements of their current coverage and/or attempting to find ways to lower the cost of their premiums (especially when you consider the state of the national economy).
What Happens if I Don’t Sign up for a Policy in Florida?
Not signing up means that you will be levied a penalty fee which is currently priced (in the state of Florida) at around $95 per adult (and $47.50 per child). (Note* – This is also calculated to be at around 1% of a family’s income once you pass the $285 per family mark.) While paying the fine is acceptable if you don’t want any coverage you must keep in mind that this does little to nothing to protect you or your family should an unexpected health issue arise. Don’t wait, get a quote online today!