Day 12: Today's Important Thing to know about Health Care Reform

Today’s important thing to know is that health care reform primarily affects health insurance for people over the age of 65.  Yes, in 2014 every American must have creditable coverage or pay a fine or tax but people over the age of 65 are generally covered by traditional Medicare or a Medicare Advantage plan.  Those plans are deemed to be creditable coverage by the Federal government so there is no reason for concern if you are covered by Medicare.  If you are a senior or know a senior, please know that all the confusion surrounding health care reform should not be a concern.  Traditional Medicare and Medicare Advantage plans are alive and well as we head toward their open enrollment period in October as well.

Day 4: Today's Important Thing to Know about Health Care Reform

 

Yesterday I mentioned “creditable” health insurance.  Today’s important thing to know is that there is no such thing as “Obamacare.”  The Affordable Care Act is a law that requires health insurance companies to comply with certain requirements in order to offer to you creditable health insurance.  These policies are offered through private insurance companies not the federal government.  The Affordable Care Act is a law not a program like Medicare.  New ACA compliant or creditable policies will offer a standardized set of benefits.  In order to make these benefit rich policies affordable, low income individuals and families will receive a tax subsidy from the federal government.  Tomorrow we will look at what the standardized benefits are.

Day 3: Today's Important Thing to Know about Health Care Reform

Today we are going to talk about “Play or Pay.”  One of the most controversial parts of the Affordable Care Act is the individual mandate which means that come 2014 if you don’t have health insurance you will have to pay a fine.  The Supreme Court ruled it constitutional because it is actually a tax.  Thus, “Play or Pay,” you either play by buying health insurance or you pay the fine. The fine or tax will be assessed on your 2014 tax return due in April of 2015.  The tax will amount to $95 or 1% of your 2014 income, whichever is greater.  We hear a great deal of the news about the $95 but most people who don't purchase health insurance will pay 1% of their 2014 income.  Tomorrow we will talk about how you can purchase this creditable health insurance so you are not assessed a fine.

Day 2: Today's Important Thing to Know about Health Care Reform

Today’s important thing to know about health care reform is. . . Health Care Reform is here to stay.  We cannot ignore it just because we don’t understand the law or are overwhelmed by it.   Today, I want to give you enough information so that you are not like the 42% who were recently polled and said they didn’t even know that health care reform was the law.  You will hear a great deal about health care reform on the news but most of it is either not accurate or not helpful.  Implementation of many of the main features of health care reform is still scheduled to be effective on January 1 of 2014.  Tomorrow we will discuss “Play or Pay,” the individual mandate.