Affordable Care Act, ACA Insurance

Obamacare, ACA, Healthcare Reform, the Affordable Care Act, whatever you want to call it…

The way we all get our health insurance is going to change.

Americans will all be required to obtain coverage that meets Essential Minimum Coverage standards, or pay a penalty. Beginning in 2014, the penalty for an individual is $95 or 1% of their household income, whichever is greater. By 2016 the penalty for an individual is $695 or 2.5% of their household income, whichever is greater. The penalties assessed for employers are a little more complex, and require calculations and specific analyses. Your Marketplace Agency H.E.L.P Agent will work with you in your unique situation to determine possible penalties you could face, as an individual or employer, and work with you to find the right solution.

If you’re already insured:

Insurance companies will have to update many of their health plans to include all of the protections from the health care law. If you already have coverage on your own, you may be able to keep your current plan. You may want to closely compare your current plan with your other options, as you could be paying too much, and you will have the opportunity to find a new plan that suits your needs. If you have coverage from your employer or group, you may find that your options are changing as well.

If you’re uninsured:

You can find a plan through your state exchanges with a Marketplace Agency H.E.L.P Agent. It is possible that you may also qualify for subsidies that can help pay for your coverage. We can qualify you and your family members for subsidies. There are three types of subsidy provided under ACA:

Medicaid/CHIP for those making less than 138% of the FPL (Federal Poverty Level).

Cost-sharing/out-of-pocket Reduction for those making up to 250% of the FPL.

Advanced Premium Credits for those making up to 400% of the FPL.

Make an appointment with a Marketplace Agency H.E.L.P Agent, or if you would prefer, shop here on your own. Remember, we are here to help if you have any questions along the way while comparing your plans and options, and applying for subsidy on your own. It’s great peace of mind to know that you have our experts always on your side.

If you’re an employer:

The employer mandate goes into effect in 2015. This requires all employers with 50+ full-time employees (including FTEs) to provide “Minimum Value” and “Affordable” coverage options for their covered associates. “Minimum Value” means that the plan is expected to cover at least 60% of a plan participant’s covered expenses. “Affordable” is defined as a plan when the employee’s contribution for single coverage with the lowest cost option available (that also provides Minimum Value) does not exceed 9.5% of the employee’s household income. Many companies have already made strategic decisions and either eliminated coverage entirely, eliminate spouse eligibility, or offered contributions for their employees and retirees to obtain their coverage on their own. There is a plan that is right for your business or group. A Marketplace Agency H.E.L.P Agent will provide you with the peace of mind you need to offer a competitive solution for your business, organization, or group benefits.