Health insurance costs in the marketplace can be surprisingly high, and they tend to increase every year. To reduce this pain, the federal government has come up with financial assistance programs in form of subsidiaries for those shopping for health insurance on public exchange. Obamacare subsidy is one such program.
The Obamacare has some rules that dictate minimum standards of insurance plans that are sold off. These rules were proposed in November 20th, 2012 and are simply provisions within the bill but in a cohesive form.
Guaranteed coverage availability
Generally, health insurance providers such as Blue Shield Florida are proscribed from denying plans to people due to any condition, including pre-existing conditions. Individuals are basically required to purchase coverage during an open enrollment period. Additionally, people have new special opportunities for enrolment in the individual markets.
Small group and individual health insurance providers are only allowed to vary their premiums with regard to age: within the 3:1 ratio for those over 18 years; within 1.5:1 for tobacco user, family size as well as geographical location.
Other factors such as occupation, gender, pre-existing conditions, claims history, health status, and coverage duration are no longer used by health insurance Florida issuers to hike the premiums for insurance seekers.
According to law, states can decide to enact much stronger consumer protections than the minimum standards. Additionally, by the start of 2017, states will have the choice of allowing big employers to buy coverage through exchanges. For those states that will choose this option, the rating rules will also be applicable to all health insurance coverage for large groups.
These Obamacare rules standardize how health insurance providers can price their products hence lead to a higher transparency level and fairness in the pricing of premiums.
Insurance Medics provide Obamacare with attractive subsidy payments for policy holders.
*Facebook post: How much Obamacare subsidy can your health insurance issuer pay on your behalf?