Comprehensive Coverage for Health Insurance

Health Insurance can be confusing. Most people have a difficult time navigating through the Marketplace and understanding which health plan is best for them to choose. Learn more below, or click here to speak with Stan about your options.

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The Patient Protection and Affordable Care Act

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act (unofficially known as “Obamacare”). The intent of Congress and the president when enacting the ACA was to achieve the following goals:

  • To reduce the number of uninsured Americans
  • To improve health insurance coverage
  • To make health insurance more affordable
  • To reduce the overall costs of health care for individuals and federal and state governments

Most of the important provisions of the law took effect on January 1, 2014. The new provisions prevent insurers from denying coverage for pre-existing conditions and require providers to charge the same amount for coverage to people in the same age range and geographical area regardless of their sex or pre-existing conditions.

The reforms set a minimum standard for acceptable coverage and require that all individuals not covered by an employer plan, TRICARE or other military veteran insurance, Medicare, or Medicaid must choose an acceptable policy from a private insurer or a state exchange.

Individuals without coverage are subject to a tax penalty unless IRS guidelines exempt them from financial hardship or recognized religious practices.

Thus, anybody not exempt and not presently covered must choose a health plan or pay the penalty, which gets progressively stiffer each year.

What is the Penalty for Failure to Enroll?

The ACA provides for a sliding scale penalty that starts out relatively light but rapidly increases in size. To illustrate, in 2014, the tax penalty for failure to find coverage was greater than $95 or 1% of your calendar year 2014 income.

However, the penalty escalates each year until it becomes quite burdensome. In 2015, the penalty was greater than $325 or 2% of your calendar year 2015 income. Finally, in 2016, the tax penalty for not having health coverage rose to a whopping $695 or 2.5% of your income.

Health insurance covers you from unexpected medical expenses. Moreover, health insurance coverage provides benefits when you are sick or injured. Do you need health insurance for yourself or your family?

Most Americans choose private health insurance companies in the United States. As an insurance broker, Cuba Insurance Agency works with many different health insurance companies in the U.S. This allows us to provide you with multiple insurance quotes.