Health Care Reform – How’s it working for you so far?

​The answer is based on a few variables:

1. Were you one of the 6 million Americans who lost their coverage December 31, 2013?
2. Were you able to navigate Covered California?
3. Were you eligible for a subsidy?
4. Did your new premium double or triple from what it was last year?
5. Did your deductible double or triple?
6. Were you enrolled in a timely manner?
7. Is your new insurance company easy to work with?
8. Is your doctor still contracted with any insurance company?

Depending on your answers to those specifics, you are either happy, annoyed, or overwhelmed.

Typical Obamacare Reality Questions:

1. Do I have to enroll in health coverage?  Yes, unless you are exempt.  Examples of who is exempt include: you are incarcerated; member of an Indian tribe; in the country illegally; covered under a military or employer sponsored plan; Medi Cal; or expressed religious objection.
2. What is the fine if I am NOT exempt and elect to NOT have health insurance? The annual tax is the greater of a flat dollar tax amount per individual or a percentage of the individual’s taxable income. Seek counsel from a tax professional.
3. What is the flat tax for individuals with no health insurance coverage?  For 2014: $95; 2015: $325; and increasing to $695 in 2016. It is anticipated that the penalty will continue to increase.
4. Who is eligible for Medi Cal and who is eligible for a Premium Subsidy?   Medi Cal is a Federal program offered to low income individuals. If your annual income is below $15,860, you may be eligible for Medi Cal.  Premium Subsidy is a state program and you may be eligible if your annual income is between $15,860 and $45,960.  To enroll in either plan, you must go through Covered California.
5. Can I enroll in individual coverage any time?  No, only during the annual enrollment or if there is a life event.
6. When is annual enrollment?  October 15th – December 7th for a January 1 effective date.
7. What is a life event?  A life event triggers a special enrollment in individual coverage outside the annual enrollment period.  Examples include birth, marriage, divorce, and loss of group coverage.

Rivkin Insurance provides comprehensive analysis of Health Insurance, Medicare & Long Term Care for individuals & businesses with 2-100 employees. Healthcare Insurance has become even more confusing with the passage of the Affordable Care Act; we help our clients remain in compliance