Posted on: October 31st, 2013 by The Accel Group | No Comments

What is the Affordable Care Act

The Affordable Care Act is comprehensive health care reform that was signed into law in late March 2010.  The health care law was written with 2 parts: The Patient Protection and The Health Care and Education Reconciliation Act. The law requires most U.S. citizens and legal residents to be covered under a health care policy.


Does this Change My Health Care Insurance?

Large and Small businesses. Businesses with greater than 50 employees by law will have to offer health care to their full time workers of greater than 29 hours. If the employer doesn’t offer health care to its employees a $750 fee per employee will be issued. Businesses of less than 50 employees will be exempt from the law.

Individuals & Families. The new health care law offers you consumer protection, rights, and benefits such as free preventive care. Individuals who make between 100% and 400% of the federal poverty level are eligible to receive credits that will assist them in buying individual health insurance from the exchange. For the very poorest people the credits may cover all of their health care premiums.

The law provides access to health insurance for uninsured Americans with pre-existing conditions. It provides new coverage options to individuals who have been uninsured for at least 6 months because of a pre-existing condition.

The Affordable Care Act extends coverage for young adults. Under the new law, young adults are can stay on their parents’ plan until they turn 26 years old.


What do I Need to do to Prepare for the Affordable Care Act

If you don’t have health insurance coverage, you can use the Health Insurance Marketplace. Beginning in January 2014, you are required by law to purchase health insurance or you will need to pay a fine. On October 1, 2013 open enrollment in the Health Insurance Marketplace began.

The new health care law can be confusing and overwhelming. If you need to consult a professional for the best option for you or your family’s health insurance needs, contact The Accel Group.