Park City, Utah (PRWEB) November 17, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on how individual health insurance is changing.
According to Zane Benefits’ website, as part of health reform, individual health insurance gets a major make-over in 2014. Individual health insurance is a policy individuals purchase for themselves and their families - just like car insurance. The health reforms significantly impact how Americans buy health insurance, what coverage will include, and who is eligible for coverage.
1. Guaranteed-Issue Individual Health Plans
Beginning January 1, 2014, all plans will be "guaranteed-issue". This means that all individuals will be accepted regardless of health status, and will not pay more because of health status. The only uprating allowed will be for tobacco use, age, and location. And, health reform puts limits on the amount an insurance company can up-rate for these factors.
2. Premium Discounts via the Individual Premium Tax Subsidies
Massive premium tax subsidies will be available to eligible individuals, for plans purchased through the individual health insurance marketplaces. Households with income between 100% and 400% of FPL who purchase coverage through a state (individual) health insurance exchange are eligible for a premium tax subsidy to reduce the cost paid for the premium. That translates to an individual earning $45,960 in 2013 or a family of four earning $94,200 in 2013.
3. Coverage of Essential Health Benefits
Starting in 2014, all plans will be required to include essential health benefits, a core package of covered medical services.
4. Open Enrollment Periods
Lastly, there will be set open enrollment periods when employees can enroll in guaranteed-issue health insurance. The first open enrollment period is October 1, 2013 to March 31, 2014. The marketplace open enrollment periods ensure that individuals and families don’t wait until they get sick to enroll in coverage, or switch to more comprehensive coverage when they are about to have an expensive medical procedure.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHealth") for defined contribution health care. The flagship software provides a 100% paperless administration experience to small businesses and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about Zane Benefits, visit [http://www.zanebenefits.com.