In 2020, will you be required to carry health insurance?
Most people are confused as to whether or not they must have health insurance. Lack of coverage can lead to costly medical emergencies, and even bankruptcy. But the good news is that in most cases, you won't have to worry about paying a penalty for not having health insurance.
Do I need to be insured by the government for health care?
In 2010, The Affordable Healthcare Act (ACA), passed by Congress, was designed to reduce the cost of healthcare for Americans. It opened up Medicaid eligibility to more people, and it created tax subsidies for low-income individuals and families who could not afford health insurance on their own. The law extended coverage to people who have pre-existing illnesses and made it simpler for young adults with high-quality health insurance to afford.
What is individual mandate?
The individual mandate was a key feature of the ACA, as it aimed to encourage young, healthy people to enroll in health coverage. It would spread the costs of sicker people and keep premiums down.
In states with this requirement in place, if you are able to meet certain criteria you can receive a waiver and avoid paying a penalty. This is especially true if you are uninsured for a few months or you qualify for a state-based premium subsidy.
Do I need health insurance by 2020?
If you want to avoid paying penalties, in some states (such as California, Massachusetts New Jersey and Rhode Island), you'll need some kind of health coverage. You can choose an employer-sponsored health insurance plan or one that you purchase through Covered California. Medicare, or most Medicaid plans.
Do you think it's a good idea for me to get health insurance?
It's one of the most important things you can get for yourself and family. It will provide you with regular, preventive healthcare that will keep your health and save you money on the long term.
How do I know if I'm required to carry health insurance coverage?
The process of getting health insurance can be stressful and confusing. It is often hard to find a plan that fits your needs, and finding an affordable plan can be even more challenging. The ACA solved some of these issues by requiring individual market plans to offer comprehensive coverage for affordable premiums, which do not depend on your health.
Exchanges are online marketplaces created by the ACA to make it easier for people who qualify to buy affordable health insurance. The exchanges let you compare plans, and you can apply for assistance if needed.
What income qualifies me for a government subsidy?
The federal government offers subsidies to lower the cost of your health insurance, but it is up to you to determine if your income qualifies for these benefits. For subsidized health insurance, the ACA states that people's incomes have to be less than 400% of federal poverty levels.