Everything You Should Know About The Health Care Law
September 27, 2013 Leave a comment
In one week at the beginning of fiscal year 2014 on October 1, 2013, and at the start of the calendar year on January 1, 2014, the provisions of the new health care law go into effect.
The health care law, known officially as the Affordable Care Act (ACA) or more commonly as “Obamacare” has two parts: the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act which was enacted to amend the PPACA. It was passed by Congress and signed into law by President Barack Obama on March 30, 2010.
Since that time, in the span of 42 months, the health care law has been upheld by the Supreme Court and some early provisions have already been implemented. Upon conception of the law, 2014 was marked as the year the most significant provisions of the law would go into effect.
Find information about these marketplaces for Individuals and Families or Small Businesses on the U.S. Centers for Medicare & Medicaid Services Healthcare Marketplace website.
The high profile provisions that go into effect on January 1, 2014, include:
Coverage begins if you signed up through the health insurance marketplace
Protection for individuals with pre-existing conditions
Elimination of annual limits on insurance coverage
Tax credits to help pay for costs if you sign up with a health insurance marketplace
Expanded access to Medicaid, subject to the state you live in
Individual mandate if you choose not to buy health insurance