3 Tips For Understanding And Benefiting From Your Health Insurance In 2016

If you are like many Americans, the changes that have occurred in the last few years about health insurance in the U.S. have both improved and complicated your life. Therefore, it is important that you become aware of the new guidelines in place for health insurance in 2016. In addition, there are common ways that accessing health insurance can impact you and your family as the status of health insurance changes. 

#1-Know Your Options And How They Apply To You

Recent statistics have established that about 57% of people that either lacked medical insurance or had inadequate insurance were able to receive adequate health insurance as the result of the health care changes now known as Obamacare. However, there are many variables that can impact your overall experience with health insurance. 

For instance, the availability of Medicaid has provided very low cost and free medical care to higher numbers of people than before the changes. One common misconception is that when open season for health insurance enrollment closes, the time period during which you could apply for Medicaid also closes. Although Medicaid qualifies as health insurance for many individuals, it is essentially an assistance program provided by the government. You can apply for Medicaid at any time of the year, although income guidelines and other information will often impact its availability.     

#2-Know The Exceptions That Can Work For Or Against You When Getting Health Insurance

You will also find that there are exceptions to the guidelines for open enrollment in health insurance as the result of important life events such as:

  • Getting married   
  • Adopting or giving birth to a new baby
  • Changing jobs

In some instances, divorce may also impact the need for your spouse to be covered under your policy or your ability to maintain a policy provided by your former spouse after a divorce. 

#3-Not Having Insurance Can Be More Expensive Than You Think

In 2016, not having insurance is much more expensive than it was previously. In addition to being solely responsible for the often exorbitant costs of medical care and prescriptions, you will also be required to pay a fine to the government for not having the necessary health insurance. A single person who can afford and chooses not to obtain health insurance may be required to pay a base fine of $695 and a percentage of their annual income when they file taxes for 2016. That is an enormous change from 2015, where the punishment for an uninsured family was no more than $975 and even more significant than the cap of $285 dollars for any size of family in 2014  lacking health insurance.    

In conclusion, there is no doubt that Obamacare has impacted the lives of Americans extensively in recent years. In order to be sure that you benefit as much as possible from those changes, it is crucial to be aware of the preceding facts. If you have access to and can afford health insurance from a company like Quesenberry Agency For Blue Cross-Blue Shield, enrolling and using it is crucial for financial and legal reasons, in addition to the obvious concerns about the ability to stay healthy.