Jacob Dybala December 1, 2013 No Comments

ObamaCare or Affordable Care Act: Either Way, It’s Here To Stay

Like it or not, the Affordable Care Act (a.k.a. “ObamaCare”) is here to stay. Since its October 1st launch, though, I’ve been getting plenty of calls and emails from our policyholders, who are confused about how the law affects them individually or how it impacts their businesses.

Joe Snyder

Just The Facts About the Affordable Care Act

Let’s start with the basics. For starters, the majority of people will be affected by the new law because they receive health insurance through their employers. For those who don’t fall into that category, here are the facts:

Enrollment and Penalties

The Affordable Care Act requires every American to have insurance or penalties will be assessed on the tax return. For 2014, the penalty is $95 or 1% of your gross household or individual income.

Key Dates

Open enrollment is from Oct. 1, 2013 to to March 31, 2014 and insurance coverage can start as early as Jan. 1, 2014.

Enrollment Period Exceptions

Enrollments outside of the open enrollment period require a qualifying event such as adding a dependent due to marriage, adoption or placement of a child from a previous marriage. These changes trigger a special 30 day enrollment period.

Purchasing Options

Policy purchases can either be made online at Healthcare.gov, the Federal health insurance exchange, or through a state exchange like Get Covered Illinois. However, you can also purchase policies through Snyder Insurance to satisfy your obligation under the law.

Premium Tax Credits

You may qualify for a government subsidy to reduce your monthly premium. The amount is determined by the size of your household and your total household/individual income. [VIDEO]

Special Considerations for Businesses

Small business owners with 50 or fewer full time emplyees can purchase policies for themselves and their employees through the SHOP Exchange. If you qualify, you may be eligible for a tax credit that can only be applied by obtaining coverage through the SHOP Exchange. [VIDEO]

If You’re with Snyder Insurance, Good News!

We have the most up to date marketplace and benefit information available to help our clients maneuver through the constant changes and glitches associated with implementation of the Affordable Care Act. Plus, there are plenty of other good reasons to stick with Snyder instead of making a mad dash for the Federal or state run health insurance exchanges to see if you can save a few bucks over what you’re currently paying.

We’re Not Computers

Will a visit to Healthcare.gov or “Get Covered Illinois” allow you to point and click your way to more affordable coverage? Maybe, but the one thing a Web site can’t do is listen to your story like one of Snyder’s health insurance professionals. They’ll answer all of your questions about the Affordable Care Act, and, drawing upon decades of industry experience, recommend an affordable, comprehensive policy that’s right for you and your family – not just a bare bones plan that works for everyone in your tax bracket.

Health Insurance Is Only a Start

If I’ve learned anything over the past 30 years, it’s that conversations about a health insurance seldom end with the purchase of just a single policy. That’s because when people start talking about their health, they begin thinking about other health-related issues as well. While health insurance may cover your medical bills, it won’t provide a financial safety net for your family, replace lost wages while you’re recovering from an injury or leave your spouse with enough cash to send your kids to college if you die. That might sound like a salesman’s pitch, but it’s true. I’ve found, time and again, that chats about health insurance cause people to seriously reflect upon whether they have enough life insurance or, because of advanced age or a chronic medical condition, need to add a long term care policy to their portfolio.

We’re all in this together and things are just getting started. No matter what happens with the Affordable Care Act, Snyder Insurance will always be ready to answer your questions and to recommend the right coverage for you and your family. If you have any remaining questions about the Affordable Care Act or would like to talk to an agent, just us a call at (630) 960-4848 or drop us a line.

All My Best,

Joe Snyder