You’ve got until the end of the month to ante up and buy health insurance or be ready to pay the “individual responsibility payment” at tax time next year! Have you signed up? While millions of us have or already have health insurance there are many people, especially those who are young and don’t expect to need much healthcare, who have been putting it off. Can you afford to skip it? If you get sick or are in an accident you will end up paying all of your healthcare expenses as well as the penalty next year.
If you haven’t done this yet, you need to sit down and look at what it will cost you and whether you can save enough to cover a catastrophic medical event if you decide not to buy health insurance. There are subsidy calculators online that can help you determine what healthcare will cost you and whether you are eligible for a tax subsidy. If you are under 30 you may be eligible for catastrophic health insurance which has lower monthly premiums and high deductibles, but covers the essential services required by the Affordable Care Act and will cover you in the event of an expensive medical event.
Whether you like it or not, the Affordable Care Act is here and you need to plan for your health expenses. Make a budget and decide how you are going to handle the costs. Take a look at how many visits you think you will need, whether you are eligible for a Health Savings Account or a Flexible Spending Account, whether you can get lab testing less expensively on your own, and which essential services you will get for your monthly premium. Don’t be taken by surprise on tax day next year. Do your research now and be ready for the new medical landscape!
Written by www.labtestingnow.com