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How Can Health Insurance Exchanges Help People Over 50?

How Can Health Reform Help You?

How Can Health Reform Help You?

The Affordable Care Act, also known as ObamaCare or health reform, has established new health insurance marketplaces. Several states have their own exchanges. If your state does not have one of these marketplaces set up, you are free to use the federal exchange.The marketplaces opened for business on October 1, 2013, and the plans will begin at the beginning of the year in 2014.

Here is some more information from an insurance consumer information site called BestRatesUS.com so you can understand the nuts and bolts of the new health insurance marketplaces. You are also free to visit HealthCare.gov at any time to enroll in an ACA health insurance plan, find out if your qualify for subsidies, and see how much the premiums will cost.

What To Know About Health Insurance Marketplaces

  • Any qualified U.S. resident can sign up, but low income people may get government subsidies to help defray the cost of premiums.
  • If your job already has group medical benefits, or if you are happy with your existing private plan, you do not have to switch.
  • However, millions of Americans lack health insurance, are unhappy with their individual health insurance, or cannot even access a medical plan.

Baby boomers tend to fall into this group of uninsured people for a number of reasons. This is because older people start to develop health issues that make them tough to insure. Private insurers can decline applicants or raise their rates based on age and health.Older people will certainly cost more to insure than younger people, all other things being equal, because insurers do charge high rates to older people than younger people.

People over 50 who run their own businesses, work for a company without group health benefits, or have a high risk medical condition might have been shut out of medical insurance before. Many middle aged people are just waiting for the day when they turn 65, so they can enroll in Medicare! In fact, there was some attempt made to lower the Medicare age to 55 because of this issue, but the measure failed.

How Much Will Affordable Care Act Health Insurance Plans Cost?

This exchanges can give everybody access to a plan, but these plans are not free. In fact, there are 4 plan levels. They are called bronze, silver, gold, and platinum. As you might expect, the bronze plan is the cheapest and provides the least coverage. The platinum plan is the most expensive and provides more protection from out-of-pocket costs. Again, some people will qualify for subsidies.

  • Your own cost of health insurance will depend upon where you live, how old you are, which plan you chose, and if you smoke or not.
  • According to Reuter’s News Service, the average American will pay $328 a month for their health insurance plan. If you are over 50, you might expect to pay more.
  • On the other hand, many people who lack coverage now will qualify for subsidies that can lower the real cost.
  • People who earn up to 400 percent of the federal poverty level ($62,040 for a couple) will qualify for subsidies with the new plans.

How Can You Find The Right Health Plan On The Exchanges?

The easiest thing to do is to simply visit HealthCare.gov and enter your state in the form. If you live in one of the states in the following list, you will use the federal exchange right now. If not, you will be directed to the marketplace that your own state has set up. Many states set up their own exchanges, but others chose to use the federal marketplace for administrative or political reasons.

States Without Health Reform Exchanges (Use The Federal Marketplace)

New Hampshire
New Jersey
North Carolina
North Dakota
South Carolina
South Dakota
West Virginia



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Informing baby boomers!