1. Is it true that everyone has to buy health insurance?
Not until 2014. All Americans will be required to obtain coverage or face an annual penalty starting in 2014. The initial penalty will be $95. By 2016, the penalty will be the greater of two alternatives, a flat fee of $695 or 2.5% of income. There is an exemption for low income people.
2. Do carriers have to accept everyone now?
The big changes in the law, the ones that could affect tens of millions of people, don't kick in until 2014. Those include insurance marketplaces called "exchanges", rules requiring carriers to accept all applicants, even those with health problems, and an expansion of state Medicaid programs.
3. I own a small business. Am I now required to provide health insurance for my employees?
Businesses that do not provide coverage will be assessed a $2,000 per employee fee starting in 2014. The fee will be assessed on the company's entire workforce, minus an allowance. Companies with 50 or fewer workers are exempt from the requirement. A small business tax credit will be available to help provide coverage for workers.
4. I heard there will be subsidies to help people buy health insurance. Is that true?
Aid will be made available to households on a sliding scale based on the federal poverty level.
5. Does this mean we have a government run health plan?
No, starting in 2014, people purchasing coverage through the exchanges will have the option of signing up for national plans overseen by the same federal office that manages the health plan available to members of Congress.
If you have some questions you would like to submit, please feel free to send them to me and I will do my best to answer your questions and concerns.
We at Copple Insurance Group stand ready to help individuals and small businesses with their insurance needs, feel free to let us know how we can help.
