The Affordable Care Act has been in existence for a little over a year now. Since it was signed, there have been several lawsuits regarding some of the more controversial parts of it. In the past year, the House of Representatives voted to repeal health care reform. This can leave a person wondering about what one can expect from the Affordable Care Act. Will you still be required to buy health insurance in 2014?
The part of the Affordable Care Act that has gotten a lot of attention is the requirement that all Americans purchase health insurance in 2014. Those who do not do so, for whatever reason, will be forced to pay a fine. There have been several lawsuits questioning the constitutionality of that requirement. If I remember correctly, I think the number of cases where a judge decided that it was constitutional, and the number of cases where a judge decided that it was unconstitutional are tied. It is also confusing to consider the implications of the repeal.
So, what about that requirement that everyone buy health insurance in 2014? It hasn’t changed. Yes, those who do not have health insurance will be required to purchase it as of January 14, 2014. If, at that time, you already have health insurance through your employer, and the health insurance is considered to be adequate, then you will be able to keep it. The requirement won’t change what you are already doing.
If the health insurance that your employer offers is considered to be inadequate, (for example, if it is one of those mini-med plans), then you would be required to buy health insurance that was adequate. If your employer offers health insurance, but it is too expensive for you to be able to use, then you will be required to buy health insurance in 2014.
Those who choose not to buy health insurance after January 14, 2014, will have to pay a fine. In 2014, that fine will start at $95.00, (or 1% of your income). By 2016, the fine will be $695.00, (or 2.5% of your income).
In 2014, there will be state and regional health insurance exchanges. This is where a person can go to shop for an affordable health insurance plan from a private insurance company. All of the plans in the exchange will be required to cover “essential health benefits”. These benefits include visits to doctors, visits to hospitals, prescription drugs, outpatient tests and treatments, and mental health care. The different plans will be listed in a way that makes it easy to compare prices and services. The insurance companies that are involved in these exchanges will not be allowed to turn you down, or charge you extra, due to pre-existing conditions.
What if you truly cannot afford to buy health insurance? Those who make up to 400 percent of the federal poverty limit will get a government subsidy to help them afford health insurance. This year, that would mean a single person who makes less than $43,000 a year, or a family of four makes that less than $89,000 a year. A sliding scale will exist for people in lower income brackets, and to help with the cost of deductibles.
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