The new mandate under the Affordable Care Act requires Americans to have health insurance, with a few special exceptions. Insurance can be obtained through your employer, through your state marketplace, through an insurance broker, or from a public health group. If you break the law, fines can be up to 1% of your income.
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The Affordable Care Act requires that all Americans have health insurance, or they will be subject to a tax up to one percent of their income. While the focus of Obamacare is on universal healthcare for the American people, certain exemption rules limit the requirement. A reevaluation of the exemptions reduced the expected number of Americans paying Obamacare penalties from 6 million to 4 million people.
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A new study has shown that premiums under the Affordable Care Act exchange cost less than those that are outside of the ACA. Four large insurers within the United States offer coverage plans on and off ACA’s exchange, and the latest information shows that off-exchange coverage is more expensive than those based on the ACA exchange.
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Following the launch of the Affordable Care Act and enrollment process, a study has found that the rate of uninsured students at CSU schools has dropped by 60%. The university system received a grant through Covered California to establish the CSU Health Insurance Education Project.
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Insurers plan to seek changes in the Obamacare health laws to include financial assistance for catastrophic, “bare-bones” coverage plans. These plans are not currently eligible for subsidy assistance, but this financial aid may make bare-bones coverage more desirable for the highly coveted demographic of millennials, ages 18-34.
Click here to read the full article by Ricardo Alonso-Zaldivar for Associated Press.
The Obamacare exchanges have had trouble attracting insurers since its inception last year. State health insurance marketplaces have begun slowly adding more insurers, however, in attempts to give the public more options. The variety of insurers could provide more competitive pricing and better access to providers.
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Although financial assistance was available, about half of Americans who are presently uninsured passed on Obamacare because they believed they could not afford to pay for it. Cost was cited as the main reason why Americans seeking insurance decided against pursuing it further.
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While Obamacare may be off to a slow start, some states are requesting further delay. Obamacare’s small business exchange, or SHOP, provides employee choice for health plans, with multiple plan options to choose from. However, the Obama administration delayed employee choice this year, and many states are pushing to delay further due to concerns regarding selection and other setbacks.
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Health and Human Services has just announced $300 million in grants that will become available for community health centers across the country. The grants, to be distributed under the Affordable Care Act, will provide opportunity for expansion of services, employees, and resources.
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While the enrollment period for the Affordable Care Act ended on March 31, 2014, there is still time to ensure Obamacare coverage if you are currently covered through COBRA- the Consolidated Omnibus Budget Reconciliation Act. The enrollment deadline for people covered by COBRA is July 1, as Health and Human services deemed options for enrollment were previously unclear. This may provide big benefits to some businesses in potential insurance savings.
Click here to read the full article by Trent Bryson for Entrepreneur.