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What is the New Health Care Law ?

The Affordable Care Act was passed by Congress and then signed into law by the President on March 23, 2010.  On June 28, 2012, the Supreme Court rendered a final decision to uphold the health care law. 

The Main Purpose of the Law
 

The main purpose of the law is to assure that all Americans have access to affordable health insurance.


The Law

The law is actually composed of two parts:

These laws together are more commonly referred to as “Health Care Reform Law”, “The Affordable Care Act” or “Obama Care”. 
 

The Affordable Care Act:

 

  • Requires most Americans to purchase health insurance or potentially pay a penalty (for 2014 the penalty is the greater of $95 per uninsured person or 1% of your household income over the filing limit.  For individuals under the age of 18, the per person penalty is ½ of the above amount.  There is a family cap on the overall penalty).  Estimate your potential penalty for not having coverage by clicking here 
     

  • Ends pre-existing condition exclusions from health plans
     

  • Defines certain categories of benefits referred to as “Essential Health Benefits”  that must be included in individual and small group health plans
     

  • Ends annual and  lifetime limits on most insurance benefits
     

  • Covers preventive care at no cost to the insured
     

  • Establishes health insurance “Marketplaces” or “Exchanges” where individuals and small businesses may shop & compare health insurance plans
     

  • Provides premium assistance by way of tax credits for individuals with income between 100% and 400% of the federal poverty level
     

  • Provides cost sharing reductions for assistance with deductible and out-of-pocket expenses, for individuals with income between 100% and 250% of the federal poverty level. 
     

The law will roll out over several years, with the main requirements starting in 2014.


Key Dates


October 1st, 2013 Open enrollment starts - this is where you can enroll for coverage with a January 1st, 2014 start date

 

December 23rd, 2013 - this is the last day to enroll for coverage with a January 1st, 2014 start date

March 31st, 2014 - this is the final day for open enrollment

 

November 15, 2014 - Open Enrollment starts for 2015

 

December 15, 2014 - Last day to enroll for a January 1, 2015 start date

 

February 15, 2015 - Last day to enroll for 2015
 

 

Click here to return to the "Learning Page"


 

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