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According to Wikipedia, in essence the law will mean: PPACA includes numerous provisions to take effect over several years beginning in 2010. Policies issued before particular provisions take effect are grandfathered from many of these provisions, while other provisions may affect existing policies. • Guaranteed issue and partial community rating will require insurers to offer the same premium to all applicants of the same age and geographical location without regard to gender or most pre-existing conditions (excluding tobacco use).[14][15][16] • A shared responsibility requirement, commonly called an individual mandate,[17][18] requires that all individuals not covered by an employer sponsored health plan, Medicaid, Medicare or other public insurance programs, purchase and comply with an approved private insurance policy or pay a penalty, unless the applicable individual is a member of a recognized religious sect exempted by the Internal Revenue Service, or waived in cases of financial hardship.[19] • Health insurance exchanges will commence operation in each state, offering a marketplace where individuals and small businesses can compare policies and premiums, and buy insurance (with a government subsidy if eligible).[20] • Low income individuals and families above 100% and up to 400% of the federal poverty level will receive federal subsidies[21] on a sliding scale if they choose to purchase insurance via an exchange (those at 150% of the poverty level would be subsidized such that their premium cost would be of 2% of income, or $50 per month for a family of four.)[22] • Medicaid eligibility is expanded to include all individuals and families with incomes up to 133% of the poverty level along with a simplified CHIP enrollment process. In states that choose to reject the Medicaid expansion, individuals and families at or below 133% of the poverty line, but above their state's existing Medicaid threshold, will not be eligible for coverage; additionally, subsidies are not available to those below 100% of the poverty line. As many states have eligibility thresholds significantly below 133% of the poverty line, and many do not provide any coverage for childless adults, this may create a coverage gap in those states.[23][24][25] • Minimum standards for health insurance policies are to be established and annual and lifetime coverage caps will be banned.[26][27][28] • Firms employing 50 or more people but not offering health insurance will also pay a shared responsibility requirement if the government has had to subsidize an employee's health care.[29] • Very small businesses will be able to get subsidies if they purchase insurance through an exchange.[30] • Co-payments, co-insurance, and deductibles are to be eliminated for select health care insurance benefits considered to be part of an "essential benefits package"[31] for Level A or Level B preventive care.[32][33] • Changes are enacted that allow a restructuring of Medicare reimbursement from "fee-for-service" to "bundled payments."[ You may also want to refer to the governments website ( * www.healthcare.gov/law/features/index.html ) that summarizes these requirements. Please write in as user friendly terms as possible. *More on how it affects you: (From Bill Losey's Retirement article: If you employ 50 or more, you will face a major choice. Businesses with 50 or more employees will have a choice beginning in 2014: they can sponsor a health plan for 100% of their workers (even those signed up for government-subsidized health insurance) or pay $750 per worker in penalties to the federal government. A business might opt to take the penalty and do away with health insurance. Paying the annual penalty might be cheaper. So that would leave the employees uninsured, and they would have to go to state health plan exchanges to buy health coverage that could be more expensive. The new reforms don't put any caps on health insurance premiums. If you employ 25-49 people, you won't face this choice. The government won't require companies with fewer than 50 employees to offer health insurance starting in 2014, and therefore these companies won't have to contend with possible fines like their big brothers. But while firms with 50 or fewer workers would be exempt from coverage provisions, they will still have to contend with rising premiums. A major tax credit for smaller firms and solopreneurs. If you employ less than 25 or are self-employed, you may find that the health care reforms bring you tax relief. Beginning in 2010, companies with less than 25 employees that pay the majority of health care premiums for their workers qualify for a tax credit up to 35% of their premiums. (In 2014, that credit could be as great as 50% of premiums if you arrange insurance via one of the Small Business Health Options Programs, or SHOP Exchanges). The tax break you get will depend on a couple of variables: the number of employees you have and their average salary. However, this tax break won't be offered to sole proprietorship's. That factor may encourage you to incorporate or become an LLC. If you own a smaller company, insurance might become cheaper. The idea is that small businesses can pool together in the SHOP Exchanges and negotiate insurance coverage as a group. Greater buying power implies lower premium costs (in theory). Businesses with 100 or fewer workers can jump into a state SHOP Exchange pool starting in 2014; states may choose to limit the pools to firms with 50 or fewer employees through 2016. The non-partisan Congressional Budget Office estimates that the SHOP Exchanges would lower annual premiums for these businesses by 1-4% with a 3% increase in the amount of coverage. That could mean a savings of more than $10 billion nationally. If you work for yourself, you will likely be able to take advantage of government health care subsidies in 2014. If you are self-employed in 2014 and earn less than four times the poverty level, you can qualify for these subsidies. (To give you some idea, in 2010 400% of the poverty level comes to $88,200 for a family of four.) Some notes for 2011. In 2011 as a result of the new law, a business will have to report the value of an employee's health care coverage on W-2 forms. Many companies provide coverage for employee dependents not enrolled in other employer-based health plans up to age 22 or 23; next year, that age limit will rise to 26. All lifetime caps on insurance policies offered through employer-sponsored plans will be eliminated in 2011. Penalties will increase for the misuse of HSA funds, and workers with FSAs and HSAs will not be reimbursed for money used for over-the-counter drug purchases *When can I purchase health insurance through Obamacare? (Per own website * www.best-insurance-deals.net so reword please. The law puts in place a requirement that all citizens must have a minimum level of health insurance coverage in place by 2014. Starting on January 1, 2014, all citizens will be able to purchase a qualified health plan through their state's Health Benefit Exchange or through the private market. All states are required to either have an exchange in place by that date or the HHS department will set up one for them. On that date, you will be able to purchase a qualified health insurance plan through your state's exchange that provides the essential health benefits package. Until that date, the buying process for health insurance will remain essentially the same as it is now. However, many improvements took place immediately such as no lifetime maximum's and allowing children to stay on parent's plans until age 26. If you want to compare private insurer rates and quotes, we recommend InsureMe where you can compare rates from dozens of health insurers such as Aetna, Humana, BCBS, Anthem, United Health and many more. They also include quotes from independent insurance agents as well. eHealthInsurance is another great source of plan comparisons. What benefits must the insurance provide? • Ambulatory patient services • Emergency services • Hospitalization • Maternity and newborn care • Mental health and substance abuse services and treatment • Prescription drugs • Rehabilitative services and devices • Lab services • Preventative wellness • Pediatric services including oral dentist and vision care The levels of coverage offered by exchange plans are expected to vary in cost and coverage from bronze to platinum. The coverage will vary from 60% to 90% of actuarial value depending upon which level of coverage you buy (bronze, silver, gold or platinum). These rules may change so keep yourself updated through healthcare.gov. Another article that referenced information on How Obamacare Will Affect Me was written by HowtoSaveMoney.com. Here is an excerpt you may wish to draw information from. Over the next two years, several changes will take place in the way that insurance is provided. By 2014, all individuals will be required to purchase insurance coverage. People who do not purchase a policy will be subject to tax penalties. In addition, the way that insurance works will be changed somewhat. Insurance companies will no longer be able to deny coverage to individuals with preexisting conditions, and rates will be regulated by the government. All insurance companies will have certain requirements for coverages. For example, preventative care will need to be offered to insureds without any out-of-pocket costs. The amount of out-of-pocket expenses an individual is expected to pay will also be limited. This will reduce the presence of high-deductible programs and decrease the utility of flex spending accounts. The program also limits the amount of health expenses that can be deducted from taxes at the end of the year. The bill also introduces several tax increases, including an increase in Medicare taxes and investment return taxes. These taxes predominately affect high-earners and businesses. Depending on your current situation, the Affordable Healthcare Act may have a dramatic impact on your life or it might pass relatively unnoticed: - If you already have insurance through your employer, you may not notice the change at all. Some businesses are choosing to accept the tax penalty rather than offer insurance, so benefits may be cut by your employer. If this happens, you will need to purchase private insurance or pay the tax penalty yourself. - People who currently have a private insurance policy may pay lower rates thanks to the act. The details of your policy may also change. For example, the amount of out-of-pocket expenses you'll be required to pay will be dependent on your income and the size of your family. - If you are currently uninsured, you will need to purchase health insurance by 2014 or risk paying the tax penalty. Depending on your income, you may qualify for insurance through the state-funded insurance exchange. This means that lower-income households will get insurance at a lower price than high-income households. The tax penalty is the same for all income brackets. - You will be exempt from paying the tax penalty if insurance would cost more than 8% of your annual income. Additionally, if you own a small business, you are not required to provide insurance to your employees. Only businesses with 50 or more employees are subject to the tax penalty. - Medicaid will still be available to people who need it and cannot afford insurance through the state exchange. The insurance exchange will also interact with both Medicaid and Medicare to provide hybridized insurance coverage. - If you have a preexisting condition or illness, you will be able to purchase insurance and that coverage cannot exclude your existing conditions. For many people, this is the best benefit of the act; it does, however, mean that people may take advantage of it by simply choosing to buy insurance when they're sick and pay the tax penalty in other years. Due to the size of the penalty, this should not be a major concern, but it is a possible loophole in the coverage. *Specific Implications for women (Another source of information that I found was Insureme.com. Here is an excerpt from their article) When the health care reform law's insurance mandate provision goes into effect in 2014, all individuals in the United States will have access to and be required to get health insurance. According to the Kaiser Family Foundation, health care reform has the following implications for women's access to health care: • Health insurance companies must issue and renew policies, regardless of health status, once the mandate goes into effect. In other words, an individual health plan won't be able drop a woman if she becomes pregnant. • Insurers won't be allowed to charge higher premiums based on gender or health status once the mandate is in effect. • Pre-existing condition exclusions no longer will be allowed under the mandate. Currently, pregnancy often is considered a pre-existing condition under many plans. • Annual and lifetime coverage limits were abolished in 2010. That means that women no longer have to worry that a complicated pregnancy or birth will cause them to exceed their policy's limits. But is there a guarantee that plans will include maternity coverage when the health insurance mandate goes into effect? Currently, yes. Insurance plans will be required to include certain "essential benefits" in all health plans, according to the Kaiser Family Foundation. These include maternity and newborn care, as well as things like ambulatory care, emergency services, rehabilitation and chronic disease management. Women have health care concerns besides pregnancy. And other provisions of the health care reform law take them into account. Plans that began Sept. 23, 2010, no longer can charge co-pays or co-insurance for certain types of preventive care, including mammograms, pap smears and bone density screenings. Women receiving Medicare and Medicaid have the same benefits. In other words, women with insurance, Medicare or Medicaid no longer will have to pay out of pocket for some vital services. The affordability of coverage once the mandate takes hold is yet to be determined. But women who have had trouble obtaining health insurance or coverage for maternity expenses may find it easier to get insurance and keep it. *Questions Remain Regarding the Expansion of Medicaid to the Very Poor (Per The Economist) In the suit decided by the Supreme Court, 26 states argued that the Medicaid expansion was coercive. Under Obamacare's terms, the federal government would pay for 100% of the expansion in 2014, dropping to a still generous 90% by 2020. If states did not comply, they would lose all federal cash for Medicaid. Such arm twisting, the states argued, was unconstitutional. No lower court agreed. But the Supreme Court's opinion, written by John Roberts, the chief justice, said states must be allowed to decide for themselves without losing existing federal aid. Some of the 26 will now decide not to play along. The expansion is to take effect in 2014. The number of people newly enrolled in Medicaid could jump by 22.8m by 2019, if most of those eligible sign up, or 16m by a more conservative estimate. But many of those who might like to enroll may not have the option. Florida, for example, has 1.3m uninsured adults who would be newly eligible for Medicaid under the expansion, according to the Urban Institute, a think-tank. But Rick Scott, Florida's governor, has already said he will refuse. Some of the uninsured may get help from other parts of the law. Those with incomes from 100-400% of the federal poverty level qualify for sliding-scale subsidies to buy insurance on the new health exchanges. However, those subsidies are not available to the very poor (those below 100% of the poverty line), as the reform presumed that they would have access to Medicaid. Without an expansion, 11.5m uninsured poor adults will qualify for neither exchange subsidies nor Medicaid, according to the Urban Institute's analysis. At least some states, of course, will expand Medicaid, happy to accept Washington's cash *What happens in the interim. Approximately 16.7 percent of the population is without health insurance. The HHS report points out that going without health insurance is more financially hazardous than going without any other type of insurance. Although an individual is 1.5 times more likely to get into a car accident than be hospitalized, the average cost of a hospitalization is 2.5 times as great as the cost of car repairs after an accident. Moreover, although the cost of hospitalization is about the same as the average property damage that results from a house fire, a person is 10 times more likely to face hospitalization. So if you don't have any health insurance or adequate health insurance now may be the time to start shopping. We suggest inquiring with InsureMe where you can compare rates from dozens of health insurers such as Aetna, Humana, BCBS, Anthem, United Health and many more. They also include quotes from independent insurance agents as well. Another great source for comparing health insurance plans is ehealthinsurance.com. Are you looking for more information regarding Obamacare? Visit http://www.best-insurance-deals.net today!
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