What is Minimum Health Insurance Coverage
Throughout this brief history of arguments over the best ways to insure our nation, much has been discussed about how much it will cost, who will administer the program and who will go down in history as the great reformer for providing a successful policy that lets all consumers have medical protection. The issue at hand isn’t all of these little annoyances, but rather the potential for protection and coverage in real-world terms. The ACA made inroads towards a nation-wide protection of sorts, but it fell short simply because the ones who wrote the law were the insurance companies themselves, developing a strategy for making more money off of the working poor. All in all, it is a disaster, and compounded with the penalties for being under-insured. What is minimum health insurance coverage? In this article, we will explore that very question and hopefully provide you with a solid answer.
What is Minimum Health Insurance Coverage?
So, what is minimum health insurance coverage? It is the threshold held for low income, working poor individuals and families who are required under law to have health insurance. The idea being that low cost coverage is a working budget for a family, and that the government needed to regulate how low so that the policy would be effective somewhat, rather than a legal loophole to get out of any penalties.
Qualifying Health Coverage
Qualifying health coverage must come from a recognized health insurance provider, not from something whipped up last minute to look official.
Minimum Essential Coverage Penalty
The minimum essential coverage penalty is real, but with many in the lower tax brackets effected and making so little as to actually file for taxes, the reporting can be sketchy at best.
Minimum Essential Coverage Employer
So, what is minimum health insurance coverage? It is the amount under law you are required to have covered in case of a medical need, whether it be an annual physical, a therapy session of some sorts or a major surgery involving extended rehabilitation costs. To this end, several thousand insurance policies sprung up overnight to be offered to consumers on the ACA exchange, setting the trap for higher premiums and deductibles for unsuspecting consumers who know better now. The minimum essential coverage employer benefits are the same, where a little cost is dangled as bait with no one looking at the fine print, only to reverse direction and become one of the largest expenses in your monthly budget.
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