Healthcare Reform FAQs

Healthcare Reform FAQs

Answers To Common Health Insurance Quandaries

With the implementation of the Affordable Care Act, healthcare has been transforming in the United States. Since many Americans already had little understanding of their health insurance, these shifts have led to much confusion and frustration. We want to help you understand how your coverage is changing, though, so we have compiled this brief list of frequently asked questions.

  • What is the Marketplace? Each state has established an organization to offer healthcare plans to individuals. That organization will be known as the Marketplace, and will be exist to serve Americans looking for an individual policy. It will list all available coverage options to them. In Colorado, the Marketplace is known as Connect for Health Colorado.  In Colorado, the Marketplace is often referred to as The Exchange.
  • What are Bronze, Silver, Gold, and Platinum plans? If you have been shopping for coverage in the Marketplace, you have likely noticed tiers of plans, designated as Bronze, Silver, Gold, or Platinum. Bronze plans will have the most cost sharing (meaning you assume more of the expense for your healthcare in the form of co-pays and deductibles) but will also have the lowest premiums. Moving towards the more valuable metals, you will find that cost sharing is reduced while premiums go up.
  • Will my pre-existing condition cost me? Beginning in 2014, insurance providers are no longer able to charge more for a policy because of a pre-existing condition. Be advised, though, that you can be charged more because of your age. Beginning in 2014 there are no limitations or exclusions on pre-existing conditions in the under 65 market.

Fortunately, you do not have to struggle to understand your coverage. To get health insurance that will be both compliant with the Affordable Care Act and easy for you to understand, contact Employee Benefit Plans Inc. Conveniently located in Greenwood, we are staying up-to-date on all of the changes in the Colorado healthcare Marketplace so we can keep you informed and protected.