With recent reports stating that 42 percent of Americans still do not know the Affordable Care Act is law*, it is clear many still have a lot to learn about how the new law’s provisions will affect them.
 
The law itself is over two thousand pages. Combined with thousands of pages of regulations and hundreds of pages of legal and tax guidance, it is no wonder most people haven’t become familiar with the details. With so much information, it can be hard to know where to start, but there are some key provisions applicable to individuals that every American should be aware of now:

  • Nearly every American is required to be covered by a health plan starting on January 1, 2014.

  • Unless you meet an exemption, you’ll face a penalty for remaining uninsured.

Many Americans will be able to receive financial assistance through a subsidy to help cover their health care costs. Depending on your income and family size, you may qualify for some form of government assistance, including:

1) Lower monthly premiums.
2) Lower out-of-pocket costs for things like co-payments, co-insurance, and deductibles.
3) Free or low-cost coverage through Medicaid or the Children’s Health Insurance Program. 


Other noteworthy highlights:

  • The Health Insurance Marketplace (sometimes referred to as the Health Insurance Exchange) will be set up

  •  for individualsand small businesses to purchase insurance. Open enrollment on the Marketplace begins October 1, 2013, for coveragestarting January 1, 2014.

  • You can find out if you qualify for coverage at a lower cost by going to www.Healthcare.gov and submitting an application starting October 1st. There are guides on the site now that can help you get ready for open enrollment.

  • Remember, if you’re covered under an employer-sponsored health plan then you meet the insurance requirement and will notbe subject to penalties.

  • If you don’t currently have health insurance and don’t know if you’ll qualify for assistance, start doing your homework now.October 1st is right around the corner. If you miss out on the initial open enrollment period, you will have to wait to getcoverage on the Marketplace in next year’s open enrollment period. 

SHARE THIS:

Andy Erwin, ATBS Tax Manager

Related information

The Affordable Care Act for Owner-Operators

March 2013. With recent reports stating that 42 percent of Americans still do not know the Affordable Care Act is law*, it is clear many still have a lot to learn about how the new law’s provisions will affect them.

Read full story

Important Tax Updates

February 2013. For those of us who are self-employed and have small businesses, we have a lot to manage to ensure we get every possible tax deduction in order to minimize our tax liability. Getting started sooner rather than later helps ensure you get every dollar you deserve.

Read full story

The Fiscal Cliff...and what it could mean for YOU

December 2012. For most Americans, the increase in taxes will be the most significant impact if Congress allows us to fall over the “cliff”. Learn some key tax breaks that could go away if Congress fails to act...

Read full story

KEEP YOUR BUSINESS BETWEEN THE LINES WITH USEFUL INFORMATION SENT RIGHT TO YOUR INBOX.

Sign Me Up