Under the Affordable Care Act, children and step children can stay on their parent’s insurance policies until their 26th birthday, provided the parent’s plan allows dependent coverage. Retiree insurance plans, for example, are not required to extend coverage to dependents. Children can be covered by the parent’s insurance plans even if they are married, do not live with the parent or are not financially dependent on the parent. They can also be covered even if they are eligible to …
What happens if even the bronze plan under the Affordable Care Act (ACA) costs too much?
The Affordable Care Act mandates that most people are insured either through their place of employment or purchasing a policy on their own. Remember, beginning in October 2013 there will be options in every state for purchasing insurance through a state-wide Marketplace.
There are exemptions from that mandate for several reasons including financial hardship, which is an official definition based on income and family size. The good news is that, depending upon your income level, you may qualify for …
Can grandchildren being taken care of by grandparents be on our insurance until age 26 and what if we go on Medicare?
Grandparent
If you are the legal guardian or foster parent, your grandchildren can be added to a healthcare plan you purchase on your own through your employer until they reach the age of 26. If you are not the legal guardian, they will not be covered in your individual or employer plans and you will have to look at other options.
Medicare is and will remain as individual health insurance only for those 65 and over. If you are on …
Where can I find a copy of the most updated version of the Affordable Care Act?
The Patient Protection and Affordable Care Act, signed into law on March 23, 2010, was amended on March 30, 2010 by the Health Care and Education Reconciliation Act. Affordable Care Act (ACA) refers to the final version of the law.
Click “Read the Law” and check out the information and links at http://www.healthcare.gov/law/.
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What is the difference between a premium, a co-pay and and out-of-pocket expense?
Health Insurance Plan costs can be broken into two categories: cost of having the plan and costs of using the plan. In order to purchase and continue to have health insurance coverage, you have to pay a premium. The premium is paid on a regular basis such as a certain amount monthly, quarterly or yearly. It is typical that when purchased through your employer, the plan premium is deducted from each paycheck. Basically, the premium buys you the health …
What do EPO, PPO and POS mean?
In the world of health insurance, there are separate and distinct types of insurance plans. In general, the three types of plans are Exclusive Provider (EPO) network, Preferred Provider (PPO) network, and Point of Service (POS) network. These plans differ by cost and types of coverage provided.
The Exclusive Provider network or EPO is a managed care plan where services are covered only if you go to doctors, specialists, or hospitals in the plan’s network (except in an emergency). This …
Are all hospitals supposed to accept any or all insurance?
In the past, each hospital has been able to select which insurance plans it will accept. This could mean that if you got sick or injured while traveling, for example, and you had to visit an emergency room that you may have had to pay entirely out of pocket for care provided at that distant hospital if they “didn’t take your insurance.”
This will no longer happen to a large degree. All Marketplace plans will offer the same set of …
How do I take on a new cost for health insurance when I can barely pay my bills now?
A spending plan is just exactly that, a plan for how you will spend all the dollars your earn and those given to you (including, hopefully, directing some to savings). To make a change in your spending plan such as adding in health insurance costs or taking on a new car payment, it helps to be as inclusive as possible when calculating all of your monthly expenses. In other words, don’t write in only the premium cost, but include some …
Health Insurance FAQs
The Health Insurance Literacy ASK group provides answers to your questions about the Affordable Care Act to help you make smart health insurance choices and to plan your personal finances.
Here is a collection of the most common questions. If you can’t find the answer to your question among the list, you can search for additional information using the search box at the top of the page or submit your own personal question to our Ask an Expert Feature. …
Is a Health Savings Account (HSA) a good idea? What are the advantages and disadvantages?
SavingYour Dollars
Health Savings Accounts (HSAs) can be established if you have a high deductible policy. The policies may be offered by employers or purchased privately. Individuals open the account at a local financial institution that offers an HSA option. Funds deposited into the account may be made privately or with contributions from employers. The funds cover the out-of-pocket expenses you are expected to pay with your insurance plan and can include vision and dental expenses that are not covered …