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Know The Fundamentals Of Affordable Care Act

Following are the different provisions of the law affecting the citizens and others.

For Young Adults: If you are under 26 you will be covered under your parent’s insurance if they have any. Otherwise starting 2014 you have to buy your own insurance if not covered by that of your parents, by your employer, or a government program. 

For a Small Business Owner: With 25 or fewer employees, you are already eligible for federal tax credits helping you purchase health insurance for your employees. Starting 2014, 50 or more employees without providing them with affordable insurance, you may be fined. To avoid aca reporting penalties always seek help from healthcare firms. 

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Those Having A Low To Middle Income: You will be covered by Medicaid if you earn less than 133% of the federal poverty line. States have the right to accept or reject this new program. If your income is between 133% and 400% of the federal poverty level, with no affordable employment-based insurance, you will be eligible for federal subsidies helping you to get insurance.

For An Elderly Person: If you are under Medicare, you receive free preventive care such as annual checkups. Once total costs reach $2000-and when you spend $4,700 on drugs. Under ACA, you may have already received a deep discount on brand-name drugs plus a $250 rebate from the federal government. 

Have Pre-existing Condition: Starting in 2014, insurance companies will not be able to deny you coverage or ask for a higher rate because of your health status and pre-existing conditions.

For An Employee Of A Large Company: Starting 2014, companies with 200 or more employees will be required to enroll people, along with all other employees in a health insurance plan. You may opt-out but then you must buy your own insurance.