Confused about Health Care Reform?

The Patient Protection and Affordable Care Act – also called the ACA or Obamacare – was signed into law by President Barack Obama in 2010. Whether you are for it or against it, everyone must comply and obtain coverage. If you don’t buy coverage or go without it for three months or longer, you’ll be charged a penalty by the government.

Health exchanges are to be provided by the federal government (Healthcare.org) or by each individual state. In Florida, a state exchange was not setup and you will need to go the federal site for coverage. An exchange is described as “An online health-insurance marketplace where individuals, families, and small businesses can learn about their health coverage options, compare plans on costs, benefits, and other features, choose a plan, and enroll in coverage”.

Fortunately, there are experts that can be found locally to help you navigate through this confusing process. Vince Spinelli is one such individual. He has done his homework regarding the ACA, so that you won’t have to. Vince is a licensed insurance agent and points out that the answers are there; if you know who to ask.

One question that keeps coming up is the “affordability” of the Affordable Care Act. Well, according to Vince, the government has taken that into account. If you don’t earn much, you may qualify for a healthcare credit to offset the costs. Of course, it depends on how much you do earn. The following chart shows the maximum income that households can make and still qualify for the credit. You can’t earn more than four times the federal poverty level.

For example, if you’re single and have no more than $45,960 in income in 2014, you’ll qualify for a health care credit. A family of four can earn as much as $94,200 and still qualify.

All credits are paid directly to your health insurance company and you aren’t even required to pay any federal income taxes to receive the credit. So you may receive this credit without even having to file your taxes beforehand.

Now, if you already have health coverage through an employer or your spouse’s employer, you don’t need to do anything. There are two exceptions to this rule:

• If your employer’s health plan covers less than 60% of the cost of covered benefits, or

• If your share of the employer’s premium totals more than 9.5% of your income.

In these cases, you may be able to enroll in a government sponsored plan and still might be eligible for premium and cost-sharing subsidies.

With all of the changes and delays of different parts of the law, it can be extremely confusing to understand what needs to be done and how. Instead of going it alone, contact someone that is fully educated on the new healthcare law.

Vince Spinelli works with nationally recognized insurance companies to give you the quality, affordable insurance you’re looking for. He is knowledgeable of the Affordable Care Act and all of its complexities. He can be contacted by phone at (239) 919-3028 or via email at vince.spinelli@healthmarkets.com.