The jury is still out as to the impact of The Affordable Health Care Act. The Act, known as Obamacare, includes several mandates to improve health care in the U.S. For example, firms with 100 or more full-time employees and average annual wages above $250,000 need to insure 70 percent of their workers. Small businesses with 50 to 99 full-time employees must insure full-time workers by 2016. Businesses with 49 and fewer employees are exempt. Further, the employee’s share of the insurance cost must be affordable. Obamacare states the employee’s share of insurance costs should be no more than 9.5 percent of their household income. If the employee-sponsored insurance is affordable, the employee cannot get coverage through the Health Insurance Marketplace.
The Marketplace is a site where individuals and businesses can shop for insurance. One can evaluate different insurance plans and decide what type and level of coverage to buy.
The Act’s lofty goals are worthy of applause. The goal is that all Americans have access to affordable health insurance options. Indeed, middle and low-income families receive tax credits that will cover a portion of the coverage cost. Medicaid will be expanded to cover more low-income families. The end result is supposed to be that millions of previously uninsured people will get insurance. Further, up to four million small businesses are eligible for tax credits to help them pay premiums.
The health care law has new rules to prevent insurance companies from denying coverage to children under age 19 due to pre-existing conditions. In addition, the act makes it illegal for insurance companies to rescind coverage based on an error on the application. This was often used to deny payment when people got sick. Another rule that helps the chronically ill is that insurers are banned from imposing lifetime dollar amounts on certain benefits, like hospital stays. Employers who are not in compliance should try to find Obamacare Health Insurance in Warner Robins GA. It may take years to see if the goals of this ambitious law will be met.
