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Affordable Health Insurance Is Here
The new law
The Affordable Care Act (ACA) requires everyone legally living in the U.S. to have health insurance beginning Jan. 1, 2014. And it also gives millions of individuals with too little or no insurance access to health plans at different cost levels. The law also provides financial assistance to those who qualify based on family size and income. You can shop at a new online Health Insurance Marketplace, also known as a health insurance exchange, to find a plan that fits your budget and coverage needs. We’re here to help you learn about the law and how to select the right plan for you and your family.
What will the plans cover?
Coverage will include doctor visits, hospital stays, wellness care, prescriptions, emergency services, maternal and newborn care, pediatric care and more. In fact, Ten Essential Health Benefits must be covered in every plan and certain Preventive Care services will be provided at no additional cost to patients. Also, patients cannot be turned away due to pre-existing conditions, as has been the case in the past.
Sign-ups are under way
If you do not have health insurance, you are required to sign up during open enrollment, from Oct. 1, 2013 to March 31, 2014. You can shop for plans by phone, through a broker, at on-site enrollment locations, or at the online Health Insurance Marketplace, where you can easily compare benefits and costs. If you choose not to enroll for insurance, the law states that you will face tax penalties.
Financial assistance calculator
Starting in 2014, a large number of people will qualify for financial help to pay for insurance. For example, an individual earning up to $45,900 a year, or a family of four earning up to $94,200 a year, will qualify for a reduction of their monthly premiums, or a tax credit at the end of the year. This subsidy calculator and chart will give you a good idea of how much assistance will be available. Once you apply at the Health Insurance Marketplace, you will find out the exact amount of financial assistance for which you may be qualified.
The Health Insurance Marketplace
The Health Insurance Marketplace is available online, by phone, or through an approved insurance broker. You will be able to choose between different levels of health care plans, from a variety of approved insurance providers. Each will have different amounts of coverage and different monthly premiums. Only one simple application will be required.
When you compare plans, you will be able to see which hospitals are included in each. By choosing a plan that allows you to get care from Loyola physicians and hospitals, you will have the peace of mind that comes with choosing health care you know and trust. If you have additional questions, send us an email or call us at (800) 424-6309.
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