Here are 5 Things You Need to Know About the Affordable Care Act
The Affordable Care Act (ACA) states that, on January 1, 2014, every American is required by law to have health insurance coverage, whether they obtain it through their employer, purchase it from a government-moderated “exchange,” or go with a federally subsidized insurance plan like Medicaid or Medicare.
Beginning October 1st, the government insurance exchange was supposed to “go live” online to allow people to pre-purchase their mandatory health insurance, but the system was plagued with issues as millions of Internet users flocked to the site to learn more and sign up.
If you are one of the millions of Americans who does not have health insurance, or you are considering changing your provider, here are a few things you may want to know about the Affordable Care Act before you decide on coverage:
- If you don’t have health insurance by the beginning of 2014, you will be assessed a monetary penalty for failure to comply with the Affordable Care Act requirements.
- Even if you don’t intend to change your current health insurance plan, changes to the law may require changes in your plan, so you could be required to select new coverage options.
- People with pre-existing conditions can no longer be denied or charged more for coverage.
- Parents will now be able to keep children on their insurance plans until the kids reach age 26.
- You have to obtain insurance during specific enrollment periods (or you could face penalties).
The Affordable Care Act does not create indecipherable chaos into modern society, so don’t let it intimidate you. Our professional staff here at Schumacher Insurance Group can help you select the right health insurance plan to meet your needs and your budget, ensuring that you are in compliance with the ACA when January 1st rolls around. Contact us today to learn more about how we can help you!