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FAQS About The Recent Health Care Reforms On Individual Health Insurance

Q: Why am I required to purchase health insurance cover under the new healthcare reform law?

A: The recent federal health care reforms require all the US citizens to purchase health insurance cover. The goal of this requirement is to ensure that no person can be priced out or denied the vital health insurance cover because of his/her problem.  The insurance sector in general operates on the principle that; out of the pool of the insured persons, only a few will claim compensation.  People cannot be allowed to avoid the purchase of insurance cover when they are healthy and rush for the health cover when they begin experiencing health problems.  The law requires all the people should buy health insurance whether they are in good or bad health.

Q: What is health insurance exchange under the new law?

A: The law provides that by the year 2014, the US states should establish market places for insurances which are referred to as the exchanges.  All the   people who reside legally within the state will from the establishment of the exchanges be capable of enrolling in the health plans that quality through the established exchanges.  You should consult a health insurance expert in your state to inform you on what your state is doing to ensure that it complies with what the law requires by 2014.

Q: after the establishment of health insurance exchange in 2014, am I required to give up the current health insurance coverage?

A: NO – The health plans that were in existence as at March 23, 2010 will be grandfathered under this new health care reform law and they will be deemed to be qualified coverage under the Act.  This means  that  thy are deemed  to meet the mandate of having  meaty the  requirements  of  the health insurance system which  begins  in January 2014.

Q: the health insurance premiums have in the past been on increase trend, does the health care reform law address that?

A: The new healthcare reform law is intended to prevent the unexpected or unreasonable   increases of the premiums and with time, it is aimed at slowing down the increase in the health care spending.  These reforms are inclusive of responsible cost-sharing and cost savings.  Because the  healthcare spending  is  highly likely  to continue  increasing  at a  faster rate  than the general national inflation,  the families and individuals  that have health problems may  realize  significant decrease  of their premiums once the  new rules of rating take effect. This is so because most premiums for the Americans will keep on increasing year by year.

Q: Under the new law, can one still maintain a health savings account?

A: YES – The new US health care reform law does not infringe on the individual ability to make contributions towards the health savings account.  It also does not discourage a person from doing so.  The minimum coverage level that is required in order to meet the mandate of an individual was purposely designed so as to make it possible to purchase high deductible plan that qualifies and which will thereby complement the Health Savings Account.

Do you want to purchase individual health insurance? If yes, we have made it very simple; simply enter your zip code at the top of this page and compare the lowest quotes from your state.