With the health insurance Open Enrollment period rapidly approaching it is vital to be informed and ignorance can be costly. To assist YOU, below are ten frightening things, you may not know about the Affordable Care Act.
- THE COSTUME
- No lifetime or annual limits (applies to all plans)
- THE CANDY
- Out of pocket limits $6,250 (applies to all plans)
- THE PUMPKIN
- All fully insured plans must be guarantee issue and guaranteed renewable (no health questions allowed)
- THE GHOST
- No waiting periods longer than 90 days (applies to all plans)
- THE WITCH
- No pre-existing condition exclusions for anyone (applies to all plans)
- THE BATS
- Investment Income Tax: A 3.8% tax on investment income (interest, dividends, annuities, royalties, rents, and capital gains) for single taxpayers with an adjusted gross income of $200,000 and joint filers at $250,000.
- THE WEREWOLF
- Employer Mandate: Employers with 50+ employees will either pay a fine or provide health insurance to their employees by 2016
- THE FRANKENSTEIN
- Individual Mandate: All individuals are required to carry essential benefits as defined by the government or pay a fine.
- THE SKELETONS
- Medicare Tax: Increase the Medicare Part A Tax by 0.9% (from 1.45% to 2.35%) for single tax payers with an adjusted gross income of $200,000 and joint filers at $250,000.
10. THE SPIDERS
- Small Business Health Care Tax Credit is 35% in 2013.
Health Care Reform is confusing! Employers should be focused on complying with the ACA and containing cost. Don Canada & Angie Martin are your trusted resource for anything to do with health insurance! If you need assistance with the 2014-2015 Open Enrollment process, need help understanding your health insurance renewal options and/or if you just have questions, contact us toll free 512.266.4994, or firstname.lastname@example.org