Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
How Does the New Federal Healthcare Law Affect You? What's the Affordable Care Act? The Affordable Care Act (ACA) was signed into law in 2010 to provide more Americans with access to healthcare. The law is often referred to as Obamacare. Some changes have already taken effect and others are being phased in over time. The biggest effect of the ACA is that people who previously couldn't afford or qualify for coverage due to pre-existing conditions will now be able to sign up for health insurance. Enrollments through the new health insurance exchange begin October 1, 2013, and coverage begins January 1, 2014. What if I can't afford health insurance? Tax credits, expanded eligibility requirements for Medicaid (in some states), and subsidies will take effect in 2014, helping those who qualify pay for health insurance. Depending on your financial situation you may even be eligible for a $0 premium plan. Under the new law you can compare the options offered through a new health insurance exchange and see what your estimated premium, deductibles and out-of-pocket costs will be before you make a decision to enroll in an insurance plan. Can people with pre-existing conditions get health insurance? Beginning January 1, 2014, health insurance companies are required to insure everyone who applies and pays the premiums for coverage. Can my adult son or daughter stay covered on my family plan? Under the new healthcare law you'll be able to keep your adult children insured on your plan up until their 26th birthday. Most limits to keeping your adult son or daughter on your coverage up to age 26 are removed. This means they don't have to be a full-time student, live with you, be disabled or be a tax dependent. This part of the law is already in effect. What if I don’t want health insurance? Is there a penalty? If you're not covered by health insurance in 2014 you could be required to pay a penalty on your federal income tax. In 2014 the penalty is the higher of two amounts - $95 or 1 percent of income. These penalties increase each year. When does it start? Parts of the law have already been implemented, but the biggest change will take place in 2014. Starting January 1, 2014, almost everyone in the U.S. will be required by law to have health insurance. Also, in 2014, individuals can no longer be denied health insurance or see a price increase for coverage based on pre-existing conditions. A health insurance exchange will be established in each state, beginning in October 2013, to help people obtain insurance and get tax credits to purchase the insurance if they are financially eligible. The open enrollment period for buying insurance through the health insurance exchange begins on October 1, 2013 and will end on March 31, 2014, for the year 2014. The exchange will have calculators to help calculate monthly premiums. It can also help determine whether you qualify for financial help to help pay health insurance premiums. Coverage purchased through the exchanges prior to December 15, 2013 will start on January 1, 2014.