Thursday, February 28, 2013

A Consumer's Guide To The Health Law

Kaiser Health News published a consumer guide to the health law. According to the article, here is what is to come by 2014:

  • In 2014, if you don't have health insurance you will have to have it or you will have to pay a fine.
    • Individual penalty will be $95/year or 1% of their income (whichever is greater) it will rise to 2.5% (or $695) by 2016
    • Family penalty will be $2,085/year or 2.5% of their income whichever is greater.
    • Requirement may be able to be waived for reasons for example: financial reasons or religious beliefs
    • Federal law will override state laws on blocking requirements to have health insurance.
  • Insurance at work is likely to stay the same
    • Plan may change
    • May change premiums, deductibles, co-pays and network coverage.
  • Some parts of the law that are in place now:
    • Eligible for preventative services with no out-of-pocket costs
    • Health plans can't cancel your coverage if you get sick
    • Children with pre-existing conditions cannot be denied coverage
  • Government will pay for anyone with an income at or lower than 133% of the poverty level
    • $14,856 for an individual and $30,656 for a family of 4
  • If you don't qualify for Medicaid:
    • Subsidies will be available for individuals and families between 133% and 400%
    • $14,856-$44,680 for individuals $30,656-$92,200 for families

  • Information on small businesses providing insurance
    • No employer is required to provide health insurance
    • In 2014, if your business has more than 50 employees the business will have to pay a fee.
  • If you're over 65, there are changes listed in the article too.
For the full article, please click the following link: After the Election: A  Consumer's Guide To The Health Law

For additional billing, coding, and reimbursement resources, please click the following link: Medical Reimbursement Resources Page.

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