October 1st, 2013, marks the first major implementation of the health care reform act. On this day, state exchanges open for enrollment to anyone who applies. Policies take effect on January 1st, 2014, for those who have enrolled. It may be possible to get tax credits that lower the cost of the health insurance premium, provided that the applicant has income less than 400 percent of the federal poverty line. These tax credits immediately lower the cost of the monthly premium instead of having to wait until tax time to get the money back through the tax return.
Individuals, families and small businesses can use the exchange to get health insurance that suits their particular needs. Small businesses need to have less than 50 full-time equivalent employees in order to be able to qualify for obtaining a policy within the exchange. Different packages with different levels of coverage are available that range from covering a catastrophic event only to full-service packages that cover all kinds of contingencies. There will also be health plans outside of the exchange as options for those who find the benefits/networks more attractive. For more information about health insurance policies in CaliforniaÂ
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Cook, Disharoon & Greathouse today for more information about what is available.
