We’ve all heard about health insurance reform, but did you know the changes in 2014 affect nearly all Americans?
As the health insurance reform law continues to take effect next year, it’s important to understand how it will affect you and your family. This law requires virtually all Americans to have health insurance beginning Jan. 1, 2014, which is referred to as the individual mandate. Americans will be able to shop and compare government-run health plans in an exchange known as the Marketplace.
The Marketplace will offer four levels of health plans: bronze, silver, gold and platinum. Each level denotes the percent of coverage with bronze covering 60 percent of health care costs, silver covering 70 percent, gold covering 80 percent and platinum covering 90 percent.
To help people afford Marketplace health plans, certain individuals will be eligible for an advance tax credit to offset a portion of the Marketplace health plan premium. This tax credit will be based on the individual’s household income and health plan purchased if they’re unable to purchase qualifying health coverage from their employer.
Employers are considered to offer qualifying health coverage if their health plan offers at least bronze-level coverage of 60 percent of health care costs and the premium employees pay for individual coverage under that plan doesn’t exceed 9.5 percent of the employee’s annual household income.
How does Publix compare
The Blue Cross and Blue Shield (BCBS) Preferred Provider Organization (PPO) Plan offered to eligible Publix associates is a gold-level health plan. Because Publix offers a gold-level PPO Plan’s premiums for gold-level coverage will be lower than gold-level Marketplace health plan. Associates who are eligible for Publix’s health plan should enroll in coverage during open enrollment, Sept. 28 – Nov. 1, in order to comply with the health insurance reform law.
As of the beginning of July, most states had not published their available Marketplace plans. However, since Publix pays the majority of the premium for health coverage offered to its eligible associates, Publix is confident our BCBS PPO Plan’s premiums for gold-level coverage will be lower than gold-level Marketplace health plan premiums and most others.
Many changes resulting from the health insurance reform law have a significant impact on employers and employees, including Publix and its associates. Although the required changes like the elimination of lifetime and annual maximums are costly, Publix remains committed to providing comprehensive, affordable health care benefits to its associates and their families. Learn more about the health insurance reform law in next month’s issue.
Beginning Jan. 1, 2014, virtually all Americans must have health insurance to comply with the health insurance reform law. If you’re eligible for Publix’s health insurance, you should take advantage of it and enroll in coverage during open enrollment,
Sept. 28 – Nov. 1.
As decisions are made by the government, the information in this article could change. At the time this article went to print, the individual mandate is effective Jan. 1, 2014, and the Marketplace is expected to be available in October 2013 for 2014 coverage.
