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Affordable Care Act. (Obamacare)
Everyone must have health insurance in 2014,
or pay a tax. Health insurance exchanges will be open for
enrollment October 1, 2013. Coverage will start on January 1, 2014. Some exchanges will
be run by states, and some by the Federal government.
Open enrollment through the exchanges ends March 31, 2014. If you
don't have insurance by then, you will be subject to the tax unless
certain conditions apply.
(Update). Nov.14, 2013;
announced two significant extensions of deadlines for enrollment in
health policies sold by government-run insurance exchanges including
HealthCare.gov. One extension gives consumers eight extra days, to
Dec. 23, to enroll in Obamacare plans that kick in Jan. 1, and gives
them until Dec. 31 to actually start paying for those plans. The
other extension delays by one month, to next Nov. 15, the opening of
enrollment for insurance beginning in 2015. That extension also will
give consumers another week on the back end of that enrollment
period, which now will close Jan. 15, instead of Dec. 7.
Americans who already have health insurance, the only changes
you will see under the law are new benefits, better protections from
insurance company abuses, and more value for every dollar you spend
on health care. If you like your plan you can
keep it and you don’t have to change a thing due to the
health care law.
Press Secretary Jay Carney, 11/13/2013 RE; Cancellation notices for those
in the individual market. RE; The idea that you could keep your
health care, your insurance.
The President has instructed his team to come up with options for
him to review. And you can expect a decision from him and an
announcement from him sooner rather than later on options that we
can take to address the problem that we’ve been discussing here with
regards to those individuals who have had their individual insurance
plans canceled because of the transition to the Affordable Care Act
Bowing to pressure, President Barack Obama on Thursday announced
changes under his health care law to give insurance companies the
option to keep offering consumers plans that would otherwise be
pre-existing conditions can no longer be excluded (children
in 2010, adults in 2014). Health insurance companies can no longer
drop those who get sick. Parents can put their
children, up to age 26, on their plans. However, if your plan
began before March 20, 2010, then it might be "grandfathered in,"
and not have to provide all these benefits.
If You Can't
Afford Insurance Medicaid will be extended to those who earn
up to 133% of the Federal poverty level. That's $15,281 for an
individual, or $31,321.50 for a family of four in 2013.
If You're a Business
The mandate to provide health
insurance for your employees has been postponed to January 1, 2015.
If you have 50 or fewer employees, you are eligible to look for
better employee coverage on the SHOP exchange starting October 1,
If you have Medicare:
The "donut hole" gap in coverage will
be eliminated by 2020.
If you live in
a state where you are eligible for Medicaid, but the state won't
give you coverage, you won't have to pay the tax if you can't
get insurance. Those who earn too much for Medicaid will receive tax
credits if their income is below 400% of the poverty level. In 2013,
that's $45,960 for an individual, or $94,200 for a family of four.
The credit is applied monthly, rather than as an annual tax rebate.
If You Don't Get
Insurance by the end of open enrollment (March 31,
2014) you won't be able to get insurance through the exchanges. The Obamacare ruling allows the IRS
to tax you 1% of adjusted gross income (above the taxable minimum
income), but no less than $95 per adult/$47.50 per child in 2013.
These taxes rise in 2015 and 2016.
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