Basic information about the Affordable Care Act

What is the Affordable Care Act? The Patient Protection and Affordable Care Act was signed into law on March 23, The purpose for this law is to put in place comprehensive health insurance reforms.

Requiring health care companies to share information about their plans online in order to allow consumers to compare options

Disallowing companies the option to deny coverage to children based on pre-existing conditions

Prohibiting insurance companies the option to rescind coverage when an individual becomes ill

Eliminating lifetime limits and regulating annual limits on insurance coverage

Providing customers the option to appeal insurance company decisions, and establishing customer assistance programs

Providing health care tax credits to small businesses

Free preventative care services and prescription drug discounts

Do I need to apply? The law requires individuals who can afford it to obtain basic insurance There are several exemptions available, mainly based on income level or religious freedom If you do not qualify for an exemption and do not obtain basic insurance, you will be subject to pay a fine: the “individual responsibility payment”

You are considered to be covered if… You already have health insurance for your family through work or a paid plan You are covered by Medicaid or Medicare, COBRA, retiree coverage, VA benefits, or other types of health coverage

Q:What if I have health insurance through my employer, but it’s really expensive and I want to look for a more cost effective plan on the Marketplace? A: You can consider switching to a Marketplace plan, but you may not qualify for lower cost plans if you are above the minimum income level and your existing plan is considered ‘affordable’ per government guidelines

CONGRATULATIONS! You are ready to explore the Health Insurance Marketplace!