Affordable Healthcare Act 101: What To Expect Now And Later

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http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/03/07/investopedia76147.DTL

Ivonissa Live
Wednesday, March 7, 2012

Regardless of your political affiliations, your healthcare insurance options may undergo changes between now and 2014. The bottom line of this already-approved measure is that, by law, everyone will be required to have healthcare insurance. The truth is that many don't know what these changes are and how they will affect coverage-holders and dependents. Here is a general overview of what you need to know about the new upcoming public options.

Pre-Existing Condition Insurance Plan (PCIP)
Under the PCIP, individuals with a pre-existing condition are almost guaranteed eligibility for health insurance coverage. All this comes with a few caveats of course. For one, the PCIP varies depending on what state you live in. For instance, in some states, the PCIP is run by the U.S. Department of Health and Human Services, while others are run by your home state which will have different eligibility requirements than the former. For eligibility requirements in your state and instructions for how to apply, check out the PCIP website.

Consumer Operated and Oriented Insurance Plans
The idea behind the Consumer Operated and Oriented Plan (CO-OP) is that insurance plans are run by members. In other words, you or your small business may be able to buy health coverage from non-profit, consumer-run health insurance providers. As soon as January 1, 2014, you and others who wish to enter a CO-OP may apply for a federal loan to start your own "consumer-driven" health plan. The objective of the CO-OP is to focus on its members' needs as a collective entity to improve access to care.

Affordable Insurance Exchanges
Affordable Insurance Exchanges are meant to create more transparency regarding consumer healthcare options. For small employers, they are designed to provide more affordable plans that meet their needs. For individuals, these exchanges help you shop to compare both private and public health plans. In other words, they act as the middle man and find out whether you are eligible for tax credits that make health insurance more affordable.

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