If you would like to thank someone for ObamaCare (the Affordable Care Act) you can thank Barack Obama, HHS, Kaiser, Nixon, FDR, Insurers, the Heritage Foundation, Hospitals, Corporations, America, Democracy, Gruber, Romney, Etc. Lots of ideas and lots of work went into healthcare reform.
The requirement is waived for 2015. Those with 100 or more FTE need to insure 70% of full-time by 2015. 50 FTE must insure 95% by 2016.
If you retire or leave your job you can choose between ObamaCare and COBRA. This is true for essentially everyone. However cost assistance is based on income.
Before ObamaCare, demand for health insurance was based on wanting to be protected in an emergency. After the ACA this is still true, but now the fee also affects demand.
If you quit your job or retire, you’ll get a Special Enrollment Period allowing you no less than 30 days to enroll in the Marketplace before your employer plan ends.
ObamaCare is part spending and revenue, and part cost curbing measures to reduce growth in healthcare spending. It has a large focus on Medicare, but also drives down Medicaid and private spending too.
Insurers can’t offer coverage in states that they don’t offer coverage in. If you have a plan tied to a specific insurer, it may limit the places you can use the plan.
If you don’t get coverage or an exemption, you’ll pay an increasing amount each year, based on your annual income, for each month you go without coverage. You’ll also owe the fee for each person you claim as a dependent.
If your employee’s get cost assistance on the Marketplace and coverage didn’t meet affordability or minimum coverage guidelines, then you’ll owe a fee. In other words, if you offer coverage that meets guidelines, no employees actually have to take it, and none will be able to use the Marketplace.
If dependent coverage would cost more than 8% of your household income they are exempt. If together your average costs with coverage are more than 8% you are exempt. If your plan costs the employee-only more than 9.5% of household income, you may be able to use the Marketplace.
Applying for Medicaid, in most cases, will give you extra time to enroll. Here are the scenarios
If you are going to miss more than two full months of coverage then you’ll need other coverage during an employers 90 day waiting period.
If you have access to Medicare then you can’t get a Marketplace Tax Credit. Medicare has it’s own cost assistance and deductions based on income.
If you have employer coverage, or any other Minimum Essential Coverage, you don’t need to sign up or enroll in an ObamaCare plan. You won’t owe the fee.
Only the custodial parent can claim cost assistance and will owe the fee if the children go without coverage under ObamaCare unless you file a Form 8332.
If you have fibromyalgia you can get a health plan under ObamaCare, but it’s up to your provider as to how it is covered.
If your insurance is ending inside Open Enrollment, simply sign up. If it ends outside of open enrollment it will trigger a Special Enrollment Period.
Everyone has to enroll in coverage and maintain it throughout the year if they can afford it, get an exemption, or pay a fee. You must enroll in coverage during open enrollment. If you miss your insurance type’s enrollment period you may have other options.
When you lose coverage due to retiring, or for any reason other than non-payment, it triggers a Special Enrollment Period where you can enroll in a Marketplace plan.
Typically when you get a job that offers coverage there is a 90 day waiting period for coverage to start. You should hold another policy until that coverage starts.
When you move it triggers a 60 day Special Enrollment Period, starting 30 days before your plan ends. You can use this to enroll in a plan in the new state through the Marketplace.
If you file taxes in the US, live in the US for more than a month in a year, and are lawfully present, then you need Major Medical coverage.
If you thought you had Medicaid, but didn’t, you can most likely apply for an exemption for the months in question.
Under ObamaCare, whoever claims the child will be responsible for covering the child and will have access to cost assistance based on their household income.Non-custodial parents can be granted the ability to claim and file for the child by having the other parent sign a 8332 form.
DACA recipients don’t owe the fee and aren’t required to get coverage. They cannot use the Marketplace, but can get covered by Medicaid in some states or by their employer.