ObamaCare Health Care Reform is structured to be implemented over a period of time, beginning in 2010. Many of the protections, reforms and taxes are already enacted. Some of the biggest changes goes into effect in 2014:
- Insurance purchased on the health insurance exchange goes into effect.
- The Individual Mandate: There is a tax starting at 1% of your income or $95 and raising to 2.5% of your income or $685 by 2016 for individuals. For a family, it’s capped at $285 in 2014 and rises to $2,085 by 2016. It cannot exceed these amounts. This helps pay for emergency and future coverage you may need. The tax penalty is paid on your tax returns. This is a “tax” not a “mandate”.
- Tax credits, tax breaks and help with up-front costs are available to those struggling to pay for insurance.
- You can no longer be denied for pre-existing conditions.
- The ACA takes measures to prevent all types of discrimination in regards to your right to health care. Factors such as pre-existing conditions, health status, claims history, duration of coverage, gender, occupation, and small employer size and industry can no longer be used by insurance companies to increase health insurance premiums.
- No Annual dollar limits on coverage.
- The only factors that can affect premiums of new insurance plans starting in 2014 are your income, age, tobacco use, family size, geography and the type of plan you buy. This applies to all plans sold through your State’s health insurance marketplace.
- All new plans sold must include Ten Essential Health Benefits.
- Congress must shop on the health insurance exchanges.
- Pharmaceutical companies are subject to a new tax.
- ObamaCare Medicaid Expansion expands coverage to 15.9 million low-income individuals (The supreme court ruling has given states the opportunity to opt-out of Medicaid expansion).
- Employers will be able to shop on the health insurance exchanges for employee insurance.
- There is a new tax on medical devices.
- Insurance companies are taxed based on their market share.
- Small Business Employers can shop for employee coverage on the health insurance exchange.