Employer based Health Insurance 2014

       Something to start planning for....

         Starting in 2014, most people will be required to have health insurance or pay a penalty if they don't. Coverage may include employer-provided insurance, coverage someone buys on their own, or Medicaid. The penalty for people who forgo insurance is the greatest of two amounts: a specified percentage of income or a specified dollar amount. The percentages of income are phased in over time at 1% in 2014, 2% in 2015, and 2.5% starting in 2016.
      As far as employer based insurance, companies with more than fifty employees are required to offer health insurance or pay a fine.  There will be four premium packages offered according to the new Healthcare reform law: Bronze, Silver, Gold, and Platinum. Affordable Care Act (ACA) requires Insurers to offer plans within these four levels of coverage, although they don't have to offer all the plans they must offer at least one silver and one gold package and each plan must cover the minimum essential health benefits. The bronze, will cover 60% of health expenses. The Silver will cover 70%. The Gold will cover 80%. And the Platinum will cover 90%, leaving the insured only having to pay  %10 for their covered benefits.
        Some challenges consumers may face with these standardized choices would be, for people who have high health care costs there are significant implications for the plan level they choose. Gold and platinum level plans will have lower deductibles, co-payments and co-insurance for health care services, but will likely have higher monthly premiums. Conversely, bronze and silver plans will have lower monthly premiums, but could expose consumers to significant out-of-pocket costs for each health care service over time.