If you're like many people, you may be uncertain about the requirements of the law, now a reality after years of debates and challenges. Find out about upcoming changes- and what your options are.
The law is officially called the Affordable Care Act. But many people refer to it as the Healthcare Reform Act. We’ll just keep things simple and call it healthcare reform.
In 2010, the law started making changes in the ways you’re covered by health insurance. Here are some changes that have already occurred:
That’s right. In 2014, most U.S. citizens must have health insurance or pay a penalty tax, with some exemptions, like financial hardship. Those who choose to go without insurance may face a tax penalty. Beginning next year the penalty is $95 per adult and $47.50 per child (up to $285 for a family) or 1% of household income, whichever is more. This gradually increases to $695 per adult and $347.50 per child (up to $2,085 per family) or 2.5% of family income in 2016 and beyond1.
New programs have been created for those in certain income ranges to help them shop for and pay for their health insurance, including Advance Tax Credits, subsidies, Medicaid expansion, and Health Insurance Marketplaces.
Starting in October, all Americans will have access to a Health Insurance Marketplace, where they can shop for and compare different private health insurance plans for 2014 – kind of like a Travelocity® or Expedia® of health plans.
Advance Tax Credits and subsidies will be available to some families when they purchase individual insurance through the Marketplace. It’s based on family size and income. You can use the Tax Credit Eligibility chart below to see if you qualify. To do so, first look up your household size (the number of members in your family), then check the corresponding household income range next to it. If you fall within that range, you may be eligible for financial help. Example: your family of four has an annual income of $60,000. Your income falls between $31,322 and $94,200 – the range for a household with four members. You may, then, qualify.
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This information is only a high-level summary of certain provisions of the health care law. This information does NOT attempt to summarize all provisions of the health care reform law. This information is not and should NOT be used as legal or tax advice; it should not be used as a basis for decisions regarding how the health care reform law will affect you and/or your business. Should you have any questions on how the health care reform law (including the high level summary of certain provisions of health care reform) will affect you and/or your business, you should seek professional advice from attorneys or other advisors.
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For Arizona residents: Insured by Humana Insurance Company. For Texas residents: Insured by Humana Insurance Company or offered by Humana Health Plan of Texas, Inc.
Our health benefit plans have exclusions and limitations and terms under which the coverage may be continued in force or discontinued. For costs and complete details of the coverage, call or write your Humana insurance agent or broker.