Regardless of your politics, the Affordable Care Act is here, and is likely to be around for a while. Many of our clients are asking us what that means for them. There are many aspects to the law, but there are a few basics that we know now, and many that we will let you know as we go. We will be having a page on our website that we will keep current as the rules and regulations change. Many in Illinois will need to get insurance, so hopefully, they will come to us for the up to the minute information.
Let’s start with this……much of the regulation of the new law will begin
on January 1, 2014. At that time, it will be mandatory for all citizens to have health insurance. For the individual, they will be required to carry insurance whether purchased by their employer, or by themselves. If they don’t have insurance, they will be forced to pay a tax(fined). The tax will be $95 per person/ $285 per family in 2014, $325 per person/$975 per family in 2015, and $696 per person/$2085 per family in 2016. They will be able to purchase insurance from Private insurers, or from the exchange. Either way, people will purchase the insurance with no preexisting conditions, and no medical underwriting. All will be accepted at the same price for the same age without health conditions mattering. Individuals making less than $46,000 and families less than $85,000 will be availed subsidies through the Illinois exchange and the federal government. We will have more on that when it comes available.
Business Clients are already seeing the results of the new law. Plans are being revised to meet the conditions in the new law, and prices are going up. The new plans will have less choices to them. The new community rating plans will even up the playing field. Healthy groups will pay more. Unhealthy groups will pay more, but not as much more. Groups of over 50 employees will be subject to the law in its entirety, and smaller businesses will be subject to the new insurance plans available. We will continue to let our business owner clients know what is up. I will email all of you when our new webpage is up and running. In the meantime, give our office a call with any questions you have. All of our Blue Cross groups will be receiving a mailing in August on renewal procedures subject to the new law.
This is my kick off blog on the subject. There will be much more to follow. Just know we will be your one stop site for information on this new law. We will find you the information you need to make your health insurance decisions. Call us at 847-907-4520 or email at vicki@frimarkkeller.com. When you think health insurance in Illinois, think of R.C. Keller & Company first.