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The Affordable Care Act in New York

Beginning in October 2013, consumers will be able to purchase health insurance in New York by shopping online at an insurance exchange. Currently, there are 17 insurers that have been approved by the state to sell coverage, including 8 who are entering the commercial market in New York for the first time.

But what does this mean to consumers?

According to an article posted in the New York Times on July 17, 2013, Governor Andrew Cuomo announced that the cost of purchasing health insurance for an individual may fall by 50% or more!

For example, an individual with an income of up to $17,000 annually will be able to obtain coverage for about $55 per month ($660/yr), while someone earning up to $20,000 per year will be able to secure coverage for about $85 a month ($1020/yr) beginning in January 2014. With federal subsidies it can be even less for low income individuals.

One reason why this is possible is that the Affordable Care Act requires everyone to purchase insurance, even the young and healthy, or pay a fine. Since everyone is now required to purchase insurance, the cost is reduced since many of those who would not have purchased coverage in the past, will now be paying into the system.

The exchanges will offer 4 levels of coverage:

• Platinum
• Gold
• Silver
• Bronze

Platinum will offer the most extensive coverage; Bronze, the least extensive.

Since the cost of obtaining health insurance is often a budget breaker for a couple seeking a divorce, many of the couples I am working with in my divorce mediation practice, elect to remain married so they can stay on their spouse’s employer-sponsored plan. With the Affordable Care Act, many people will now have the ability to secure coverage at a reasonable cost, which will provide them with more options when deciding whether or not to end their marriage.

Comments & Replies from Social Media
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Thank you for this valuable information!

By Jennifer Safian (Via LinkedIn)

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UPS announced it will no longer provide coverage for some spouses of non-union employees – if the spouse’s employer offers coverage. That may be a new reality – employers take care of their own and not always cover the spouse and family.

By Daniel Alcorn (Via LinkedIn)

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I hope to hear more soon about what options will be available in Virginia.

By Virginia Colin, Ph.D. (Via LinkedIn)

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My COBRA lasted 3 years at the tune of $618.00 per month. When it ended, I was denied insurance coverage because of a pre-existing condition. I appealed their decision, they reconsidered and offer to insure me at a 50% increase in premium with a cost of over $700.00 per month. Another reason ending permanent alimony for women in their 50’s, 60’s and beyond would cause financial catastrophe.

By Jan Killilea (Via LinkedIn)