The Affordable Care Act – referred to by many as “Obamacare” – is changing the face of the health care industry as we know it. But how does the new law affect you and your family? Whether you have insurance through your employer, are self-insured or looking for health insurance for the first time, the Affordable Care Act – and the new Nevada Health Exchange will affect you. Be sure you know just how it affects your family – and who can help you navigate the system.
The Law is in Place – and the Nevada Health Exchange is Open
Despite ongoing debate regarding defunding or repealing Obamacare, the Affordable Care Act is in place, so you’ll be required to comply with the new mandate that all Americans purchase health insurance. As of October 1, 2013, the state health exchanges – including Nevada’s Health Link – are up and running. You can now go online (at www.nevadahealthlink.com) and shop for medical plans from various carriers with several levels of coverage.
Your Family May be Eligible for Premium Assistance
Depending on your annual household income, you and your family may qualify for a premium assistance subsidy through the Nevada health care exchange. This subsidy would help augment the cost of purchasing health insurance policies for you and your family. Typically, adults or families who make less than 400 percent of the federal poverty level may be eligible for assistance.
The Law is Changing How Your Premium is Priced
As a result of the Affordable Care Act, Nevada now reviews all health insurance rate changes in policies for individuals and small groups. The law also requires insurance companies to spend at least 80 percent of the premium you pay on your direct health care. If this amount is not spent, the insurance company must issue a premium rebate.
You Have Help
The Nevada Health Exchange provides self-service options, but that doesn’t mean you’re alone when it comes to your family’s health care options. As your trusted advisor, we at Tyler Insurance Group have the expertise to help guide you through the health exchange and help you understand how the Affordable Care Act will impact you and your family. Call us today – together we can make sure your family’s health care needs are met.