Health insurance

Three Major Ways Health Insurance Changed in 2016

When the Patient Protection and Affordable Care Act, also known as “Obamacare”, was signed into law, major changes took place in the healthcare industry. Many Americans gained access to the healthcare they needed, and many policies became more affordable. Today, Obamacare has made moderate changes to the way it operates and all Americans should know what has taken effect in 2016. Here is a brief list exploring some of these changes and how they can affect you.

Searching for health insurance can be a hassle. Shepard Walton King works hard to make the process as easy as possible. Get in touch with us in McAllen to get started on looking for the policy you need.

New Insurance Plans and Costs

2016 saw a large haul of new plans available on the Health Insurance Marketplace. The good news is that around 80% of consumers saw monthly costs under $100 due to tax credits. Additionally, the average cost of a benchmark plan increased an average of 7.5% compared to 2015. Consumers were given the freedom to shop for new plans or renew their existing one.

A Higher Tax Penalty

As what happened in 2015, the tax penalty for the uninsured increased again in 2016. A penalty has been enforced each year since the Affordable Care Act went into effect. This was done to encourage Americans to seek a health plan.

For those who failed to enroll in late 2015/early 2016, they will pay a penalty of $695 per adult or 2.5% of their income (whichever is greater). For children lacking insurance, the penalty is $347.50 each.

The Employer Shared Responsibility Provision

2016 saw the effect of the Employer Shared Responsibility Provision of the Affordable Care Act. The provision states that small businesses with more than 50 full-time employees must provide their own health insurance to at least 95% of workers and dependents. Failing to do so will result in a fee.

Find the Perfect Policy

Finding the health insurance policy that best suits your needs is a task that shouldn’t be done alone. Shepard Walton King is passionate about helping McAllen residents find the policy they know will help should the unfortunate ever happen. Get in touch with us as soon as possible if you aren’t insured to explore your options.

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