04 Feb IMPORTANT CHANGES IN 2014 RESULTING FROM OBAMACARE (AFFORDABLE CARE ACT)
As of January 1, 2014 here are a few of the important changes resulting from the implementation of the Affordable Care Act (“ACA”).
- You cannot be denied insurance coverage due to a pre-existing condition. This has resulted in the elimination of the Texas Health Insurance Risk Pool (as of 1/1/14).
- Americans have until March 31, 2014 to get health insurance which is now mandated under ACA. The penalty for failure for an individual to enroll is 1% of your income or $95 whichever is greater in year 2014, and the penalty is $285 for a family or 1% income, whichever is greater. The penalty will be increased over time.
- If you are self-employed or do not have insurance accessible through your employer, as of 10/1/13, the ACA established a marketplace (although initially besieged by problems) to purchase coverage. Texans have to look to the federal marketplace as Texas refused to establish a state based marketplace.
- For individuals who earn more than $200,000 per year or married couples whose income is more than $250,000, (including investment income), there is an increase in Medicare premiums.
- As long as your premiums are paid, insurance companies can’t cancel your insurance if you made an unintentional error.