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What You Need to Know about the New Health Insurance Exchange

Starting October 1st of this year, Americans will be able to shop for health insurance coverage through state and national insurance exchanges, as a provision of the Affordable Healthcare Act.

When will coverage begin?

Coverage will begin January 1st of 2014. But, you’ll only have six months to take advantage. If, by March 31, 2014 you aren’t enrolled in a health insurance plan (either through a private insurance company or through the health insurance exchange), you’ll face a fine of one percent of your yearly income or $95, whichever is higher. And not only that, that fee will increase every year, on top of any other health care costs. If you have health insurance through your employer, you will not be fined, as you will meet the requirements. as long as you are covered.

What will be my options?

The state you reside will determine your coverage options. Some states will have their own exchange, while others will be federally run. North Carolina residents, for example, will only have the option of a federally-run exchange.

What will these plans include?

They will include all “essential health benefits” like:

  1. Ambulatory patient services

  2. Emergency services

  3. Hospitalization

  4. Maternity and newborn care

  5. Mental health and substance disorder services

  6. Prescription drugs

  7. Rehab and habilitative services and devices

  8. Lab services

  9. Preventive and wellness services and chronic disease management

  10. Pediatric services

Some services won’t apply to everyone. for example, dental coverage is considered essential for children, but not adults. So if you need dental coverage, it will have to be purchased separately.

Will my children be covered?

Your children will be covered under your plan if they are under the age of 26. If they turn 26 during 2014, they can enroll in a plan even after the March 31 cutoff date.

What about Medicare?

Medicare is not part of the health exchange, and as a result, if you are enrolled in medicare part A, you will not have to enroll in the exchange, and will not be charged.

For those over the age of 65, you may be eligible for medicare, in which case you wouldn’t have to purchase coverage through the exchange. If you are a retiree under the age of 65 with health coverage, you may qualify for lower premiums through the exchange.

For more information on the new Health Care Exchange and how it will affect you, visit HealthCare.Gov.

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Regardless of whether you purchase a policy or not, we are always happy to help in any way we can.

Client Testimonials

Government Health Care Exchange | Health Care Marketplace | ObamaCare

  • "This is a family-owned business who cares about their potential clients. I was looking for help with health insurance and even though it turns out I don't need new health insurance at this time, I feel compelled to write a review because of how thorough Brendan was. He was very knowledgeable and easy-going. He didn't seem pushy at all and listened to everything I had to say. He made sure he was getting all the information correct. I would recommend this agency for any insurance needs." - Doug C.
  • "I sought help from Wooten Agency; Ed, along with Nancy, took the bull by the horns and sorted things out for us very quickly. Shortly thereafter Ginny took over. She is definitely most qualified as a plan selector for Medicare plans and issues related to Medicare. My appreciation to Crystal for the gracious way she always responds to telephone calls and makes every effort to ensure one is not forgotten. And Dana....the one contact we had was enough to find out you are similarly inclined to help a client." - Frank V.
  • "You [Aaron] have been so helpful, and you have all taken a personal interest in my individual and specific questions in order to make the best insurance choices for my needs. Thank you all! I look forward to working together in the future months and years." - Susan H.
Wooten Agency