Once you have reached the age of 65 and are eligible for Medicare, the gaps…
What is Obamacare?
REFORMING HEALTH CARE INSURANCE
Obamacare is the Patient Protection and Affordable Care Act of 2010. The main part of this Act requires you to have health insurance no later than March 1, 2014, or be subject to a tax. Obamacare allows the IRS to tax you 1% of adjusted gross income. These taxes rise in 2015 and 2016. You must have a plan for at least 9 months of the year to avoid the taxes.
HEALTH INSURANCE COSTS
The plans available are called the Metal Plans – Bronze, Silver, Gold and Platinum. The amount you pay depends on which plan you select, The higher the coverages the higher the premium. Those who earn too much for medicaid will be eligible to receive tax credits if their income is below 400% of the poverty level. In 2013 that’s $45,960 for an individual and $94,200 for a family of four. This accelerated tax credit will be applied monthly and be on a sliding schedule.
If you can’t afford coverage Medicaid will be extended to those who earn up to 133% of the federal poverty level. That’s $15,281.00 for an individual or $31,321 for a family of four in 2013.
Those with pre-existing conditions can no longer be excluded and health insurance companies can no longer drop those who get sick. Parents can put children up to age 25 on their plans.
Health insurance and the manner in which it is distributed is changing rapidly. If you have any questions or need assistance signing up for Obamacare and being in compliance with the new laws, please call our office at 805-963-4048. We are proud to be of service and always happy to help.
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