What You Should Know When Buying Health Insurance
1. No Penalty for Non-coverage
Originally, residents who failed to purchase coverage faced a tax penalty under the ACA. For 2019, Congress has rescinded this penalty. Nevertheless, it’s necessary to have health insurance to protect yourself and your family against unexpected illness or injury and to comply with the law.
2. Financial Assistance
If you purchase coverage through the state insurance marketplace, you may be eligible for financial assistance, depending on factors like income and family needs. The Act provides for two types of subsidies: 1) A tax credit that lowers your monthly payment and 2) cost-sharing reductions, which limit the amount you pay out of pocket for a deductible, coinsurance, and co-pays. You may qualify for one or both.
3. Open Enrollment Period Is Limited
If you intend to buy health insurance through your state marketplace, the open enrollment period is limited. If you fail to purchase coverage between November 1, 2018, and December 15, 2018, you can apply for a special enrollment period. If you do not qualify, you can purchase coverage through a private insurer — but without the subsidy.
4. Preexisting Conditions
In the past, applicants could be rejected for coverage — or their claims denied — if they had a preexisting condition. This made it difficult for many people to buy the coverage they needed. However, today you cannot be denied coverage due to a preexisting condition like diabetes, lupus, cancer, or pregnancy.
To discuss your health insurance coverage options with an experienced professional, contact Allegiance Insurance Services in Burr Ridge, IL. They are family-owned and-operated and have served the region for more than 10 years. In addition to health coverage, they also specialize in home, auto, and life insurance and will design a policy that meets your needs and fits your budget. Visit their website to request an insurance quote or call (630) 325-5600 to speak to a friendly, knowledgeable agent.