Understanding Health Insurance
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Applying for a health insurance policy can be confusing. There are so many terms and regulations, you may get lost in all the jargon. Many people aren’t sure about how their coverage works, how much it costs, or when to use it. So, to help you out, we at SkyBlue Insurance and General Insurance have put together this guide to help you with understanding health insurance.
The Affordable Care Act requires all United States citizens over the age of 21 to be covered by health insurance or pay a penalty during tax season. Those under the age of 26 can still be covered under their parents’ insurance. After 26 you are required to sign up Health Insurance if their place of employment does not offer coverage.
As of 2016, the penalty for not having health insurance is 2.5% of your income or $695 per person, whichever is greater.
Types of Plans
- Bronze level: Your plan pays 60% of covered health-care costs; you pay the remaining 40%.
- Silver level: Your plan pays 70% of covered health-care costs; you pay the remaining 30%.
- Gold level: Your plan pays 80% of covered health-care costs; you pay the remaining 20%.
- Platinum level: Your plan pays 90% of covered health-care costs; you pay the remaining 10%.
Health Insurance Policies come with these coverage options:
- Prescription medications
- Ambulatory services
- Hospitalization services
- Emergency or urgent care
- Maternity and newborn care
- Rehabilitative services and equipment
- Mental health and substance abuse services, including counseling
- Laboratory services
- Preventive and wellness care, including chronic-condition management
- Pediatric services (which must include dental and vision care for children)
Certain people are exempt from the tax penalty for not having insurance. They include:
- Those below the minimum threshold for paying taxes
- Residents experience financial hardship
- Consumers who can’t afford coverage
- Incarcerated Residents
- Undocumented Immigrants
- Religious sects and divisions recognized by the IRS who has been opposed to receiving health benefits since 1956
- American Indian Tribes
Where to Apply
Going through this process can be time-consuming and stressful. That’s why we’re here to help. If you don’t feel like searching through tons of information, SkyBlue Insurance and General Insurance can obtain quotes from multiple Health Insurance carriers instantly so you can compare rates. If you need help finding the best Health Insurance, request a rapid General Health Insurance quote from us now for free!