Health insurance is both incredibly important and rather confusing for those that live in the United States. The passage of the Affordable Care Act in 2010 made it so that health insurance is now mandatory, which means that you should be looking at your insurance options if you are not already covered. To help you get a clearer picture of what you need to do, Affordable Healthcare 123 Tees shares an overview of the penalties for not being insured, along with some simple explanations of the most common health insurance plan types:
It’s important to understand the consequences that will ensue if you fail to get insured. The primary penalty is a fine, but not everyone will receive the same fine. There are two separate criteria that will be examined and you will be forced to pay whichever is higher.
This ultimately means that you will need to pay a pretty hefty fee if you don’t have health insurance. At the bare minimum, you will be paying $695 per year, but that will rise dramatically if you have other members of your household or if you make over $27800 per year (which is when 2.5% of your income is equal to $695).
On its own, this may not cost you more than getting health insurance, but a single visit to the doctor’s without insurance could change that completely. It’s almost always going to be cheaper to get insurance in the new system than to pay for emergency medical care.
There are an awful lot of types of health insurance and acronyms floating around, but some are much more important than others. Here are three of the most important:
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