What the Affordable Care Act means for you

Transcription

1 What the Affordable Care Act means for you

2 is bringing big changes to healthcare in America. Maybe you already have health insurance. Maybe you ve never had health insurance before. Either way, you probably have a lot of questions. This is the place to find answers. Let s start with the basics. What is the Affordable Care Act? The Affordable Care Act was signed into law on March 23, Up to now, if your employer didn t offer health insurance or you didn t work enough hours to qualify for an employer plan, you didn t have many other options. Under the Affordable Care Act, more employers are required to offer health insurance, and everyone is required to purchase coverage. You have four options: Qualify for low-income health insurance like Medicaid Purchase health insurance through your employer Purchase health insurance from your state s Health Insurance Exchange Pay a penalty at tax time Which option is right for you? Keep reading.

3 What if I can t afford to buy health insurance? Medicaid is a low-cost, comprehensive health insurance plan for low-income people under the age of 65. If you make around $15,000 or less each year or around $24,000 for a family of four you may qualify for health insurance under Medicaid. Visit Medicaid.gov to learn more about Medicaid. You may qualify for premium subsidies through your state Health Insurance Exchange. Premium subsidies are basically federal tax credits that can help you pay for health insurance. (You can read more about buying health insurance through your state s Health Insurance Exchange in this brochure.) Contact your state s Health Insurance Exchange to see if you qualify for premium subsidies. If you are under the age of 30 or considered low-income, you may qualify for a low-cost catastrophic health plan. A catastrophic plan basically requires you to pay all of your medical expenses up to a certain amount. After you reach the limit, usually several thousand dollars then the plan kicks in and covers the rest. Visit Healthcare.gov to learn more about catastrophic health plans. Can I buy health insurance through my employer? Your employer may be required to offer health insurance depending on the number of full-time workers employed. If your employer does offer health insurance and you are a full-time employee working at least thirty hours a week, you qualify to take part in your employer s health insurance plan. Premiums will be deducted from your regular paycheck. See your employer for more information about benefits, costs, and coverage.

4 Do I have to buy insurance through my employer? Can I buy insurance on my own? You always have the option of buying health insurance on your own. If your employer doesn t offer health insurance or you don t like the plan your employer offers, you can buy health insurance on your own through your state s Health Insurance Exchange. Beginning in 2014, all fifty states will offer Health Insurance Exchanges. Think of these as marketplaces where individuals can go to shop for health insurance. Everyone is eligible to buy insurance from the Health Insurance Exchange, and you cannot be refused a policy based on a pre-existing condition. Health Insurance Exchanges offer a wide range of plans and cost options. Premiums will be deducted from your paycheck. If you leave your job or decide to work elsewhere, you take your health insurance with you. Visit Healthcare.gov to learn more about Health Insurance Exchanges. Can I stay on my parent s insurance? If your parent s health insurance covers children, you can remain on that plan until the age of 26 even if you are married, not living with a parent, attending school, not financially dependent on a parent, or eligible to enroll in your employer s plan. Talk to a parent, and visit Healthcare.gov for more details.

5 Do I really need health insurance? The Affordable Care Act means everyone is required by law to have health insurance. If you decide not to purchase health insurance, you will have to pay a penalty of $95 or 1% of your income at the end of the year, whichever is higher. In 2015, that penalty increases to $325 or 2% of your income. The penalty increases again in 2016 to $695 or 2.5% of your income. Visit Healthcare.gov to learn more about tax penalties. The individual health coverage mandate goes into effect January 1, ARE YOU READY? Visit Healthcare.gov for additional resources and information.