Affordable Care Act – AKA “ObamaCare”

The new health insurance law of the land.  The Patient Protection and Affordable Care Act (PPACA), the Affordable Care Act (ACA) or, by the more well common name, “Obama Care”.  Even the President of the United States often refers to it as “Obama Care”.

No matter what alphabet soup initials you choose, Obama Care is the new law designed to make available health care for all our citizens.  The initial enrollment period began on October 1, 2013 and goes through December 7, 2013 with an effective date of January 1, 2014.

The Affordable Care Act or Obama Care addresses health insurance for those who do or do not currently have individual health insurance, those in employer groups under 50 employees and people in employer groups over 50 employees.  Employees who work under 30 hours per week are not required to have coverage in the employer group market and depending upon which category you fall in you’ll be impacted in different ways.

Obama Care or the Affordable Care Act is designed to be on online resource for people to shop for their insurance.  This is called “The Exchange” or “The Marketplace” and you have a choice of 4 plans – Bronze, Silver, Gold and Platinum.  Each one of those has a different level of coverage and deductibles available and therefore a cost differential based upon the choices you make.  You’ll find many new insurance companies on the exchange (most you’ve never heard of) and you must pick and choose the best options for you and your family.  I’m licensed and certified to help you work you way through this maze and can help you with the best choice for your individual situation.

A significant group of people who are currently receiving government assistance for their health insurance must switch their insurance to Obama Care before the December 7th deadline.  It would be a very good idea to start looking at your options now and I can help you with that.

Another impacted group of Obama Care are those people who are currently on HIRSP (Health Insurance Risk Sharing Plan).  HIRSP will be eliminated and replaced by Obama Care January 1, 2014 so make sure to start planning now.  Once again, please call me for assistance.

The intent of the Affordable Care Act or Obama Care is to provide:

  • Health insurance without pre-existing conditions
  • Can not be denied because of medical conditions
  • Can not be charged more because of pre-existing conditions
  • No waiting periods for any coverage
  • Only way you can loose coverage is not paying your premium

Additionally, you can be either “On Exchange” or “Off Exchange”.  If you believe you may be eligible for a government subsidy you must be “On Exchange” and there are 4 factors that determine your status.

  • Where you live
  • Household composition – i.e. how many people are in you household.  For example, mom and dad and their 2 children would mean the subsidy would be based on 4 people.  If someone else live there, an uncle for example, and would mean there are 5 in this example.
  • Tobacco usage
  • Age

This is meant to be a brief summary of Obama Care and how it might effect you.  Please call George at 262-284-6264 to help you with your decisions.

 

 

 

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