People in the United States will have an easier time finding affordable health insurance due to the new federal health plan. Health insurance coverage will be expanded to provide services to those with preexisting conditions. Children will also be able to stay on a parent’s plan longer. There are some caveats though. Premiums on health insurance plans will rise by the year 2016 and families with higher incomes will also be subject to more taxes.

Within the next six months, coverage is extended to adult children up to age 26 on a parent’s plan. They can even remain on the plan after marriage. Children cannot be denied coverage due to a previous health condition. In 2014, that requirement extends to adults. People with preexisting conditions will no longer have to pay out of pocket because they cannot get coverage. The year 2014 is also the deadline for companies offering health insurance plans to meet minimum requirements set out by the federal government. Companies do not yet have to meet those minimum requirements, however, if they don’t do so within the next six months they cannot add members to their policies. They also will not be able to add new benefits to existing plans until they comply with minimum requirements. Among those requirements is that people cannot be denied coverage regardless of any preexisting conditions. Also, premiums cannot be raised due to a person’s gender or health condition.

Although health insurance coverage will be widened, costs will also be increased in some ways. In 2016, premiums will be raised by up to 13 percent for policies taken out by individuals. On the other hand, the majority of people who buy policies will be eligible for government subsidies to meet the costs of the rising premiums. In the long run, they may end up paying less on their insurance. High income workers will also be charged more in Medicare taxes than they have in previous years. Those taxes will increase by thousands in 2013. High income is defined as a family that earns more than $250,000 per year. Also, unearned income like dividends and interest will now be subject to taxes. The tax on unearned income will be levied at 3.8 percent.

Health insurance plans will reach farther and more people will be able to find affordable healthcare insurance. Higher risk people will now have more access to healthcare. Government subsidies to help with insurance premiums will also help more people gain access to healthcare. Children will also be able to keep their previous coverage longer. However, it will not cost less for everyone. People in higher income brackets will be taxed heavily and premiums will rise on private plans.