As the new year gets closer and closer, people are coming up with more concerns about how the new law will affect them. We have put together the Top 5 Most Asked Questions to help you.
1. What is Health Care Reform? The term is often known as “Obamacare”, which is a federal law that passed in 2010. It ws intended to help more people get affordable health care.
2. When do I need to get coverage? Open enrollment is October 2013 – March 2014. This is the only time you can sign up for coverage, unless you have a qualifying event.
3. What does it mean to get coverage through the “Exchange”? This is where individuals can shop for coverage and determine if they are eligible for a subsidy (discount on their coverage). The Marketplace will also operate a Small Business Health Options Program (SHOP) for small employers, where they may be eligible for a tax credit.
4. What is the penalty if I don’t purchase individual health insurance? It is $95/uninsured for 2014. By 2015 it will be a penalty of $325, and by 2016 the penalty will be up to $695. We expect these penalties to increase each year.
5. Will I be able to purchase coverage through Sweeney & Sweeney Insurance? YES!!! J
We hope these questions helped you. We will continue to send out updates and are also available for any questions you may have. We are very excited that Sweeney & Sweeney has the opportunity to help all of our customers find the best coverage and make this transition as smooth as possible. Just remember we are here for you during this major change!