Understanding Health Insurance Exchanges
Posted by mgsionline on October 31st
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While the US healthcare industry has been witnessing a lot of changes over the past few years, The Patient Protection and Affordable Care Act (PPACA commonly known as ACA), has introduced yet another revolutionary reform recently. It is the Health Insurance Exchange Marketplace which took effect from October 1st 2013. It is believed that ACA exchanges or online health insurance marketplaces would offer affordable health insurance coverage to almost 29 million US citizens in the near future. However, healthcare providers will have a tough time implementing this new change as it will highly impact medical insurance billing processes. Let’s take a brief look at the important features of Healthcare Insurance Exchanges and their impact on healthcare providers:
Salient Features:
· People can enroll for ACA Health Insurance Exchange Marketplace between the time span of October 1st 2013 and March 31st 2014.
· The best part about these health insurance marketplaces is that they offer a wide range of options for US citizens to choose from. This way they can compare the coverage options and costs based on their annual or monthly income.
· These marketplaces also offer subsidies to those citizens who currently don’t have one. However
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· The law will charge a per-month fee on one’s year-end tax returns if he or she doesn’t have insurance by January 1st 2014. However, a person will not be subject to this fee deduction if he or she has other health insurance coverage plans like COBRA, TRICARE, Medicare
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Special Features: ACA Health Insurance Exchange Marketplaces provide special offers to those citizens who receive a low income.