For those of you who are wondering what the Health Reform is all about, Sweeney & Sweeney Insurance is here to help! You may know this reform as Obama Care, The Patient Protection and Affordable Care Act, or The Health Exchange. Sweeney & Sweeney will be posting weekly blogs to inform our community of the changes and on-going announcements on the Health Reform. Below you will find some key highlights to get you started.
- The Patient Protection and Affordable Care Act is a federal law that was passed in 2010 to provide affordable health coverage.
- Increased access to Health Insurance. Individuals and small businesses can shop health insurance through the Exchange to make insurance much more affordable.
- The Reform will help individuals and families with low to moderate incomes qualify for financial assistance on health insurance. Many small businesses will also be able to use a federal tax credit to reduce premiums for their employees.
- Medi-Cal is being expanded to more Americans in need.
- Starting in January 2014 people will be required to have health insurance or they will have to pay a financial penalty. The penalty will be 1% of annual income or $95, whichever is greater. By 2016 the penalty will raise to 2.5% or $695.
- Businesses with 50 or more employees are required to offer affordable coverage or they will be subject to a penalty.
- Americans will no longer be declined or surcharged based on Pre-existing conditions.
These are a some key points for people to be aware of. Stay tuned for more information to come. If you have any questions please give us a call at Sweeney & Sweeney Insurance!