Nevin & Witt appreciates your business and we look forward to continuing to be your one source for any and all questions you have regarding your individual health insurance plan. We are here to help as well with the many upcoming health reform changes that take effect in 2014.
With the passage of the Patient Protection and Affordable Care Act (PPACA) also known as the Affordable Care Act (ACA), many of the larger provisions of the law become effective on January 1, 2014. A few of the more important provisions are listed below and are as follows:
PPACA Timeline:
- January 1, 2014 all Americans citizens will be required to purchase health insurance in the private market or through and exchange or face a penalty of $95 or 1.5% of your adjusted gross income.
- You may or may not be able to keep the plan you have (grandfathered) based on what your current benefits are compared to the essential benefits that will be required of all plans. (Please see enclosed flier on Grandfathered Plans). Depending upon whether your plan qualifies as a grandfathered plan or not will determine if you can keep the plan you have now, or if you will need to move to a new plan.
- In October 2013, the Covered California individual & small group health insurance exchange will begin the enrollment process for individuals who qualify for a subsidy. An individual who qualifies for a subsidy (up to 400% of the FPL) will have to purchase their plan in the exchange. Please visit www.CoveredCa.com for more information and a subsidy calculator.
- Fees will be assessed to the insurance industry, the pharmaceutical industry and durable medical equipment industry to name a few. These fees are being charged to help pay for the passage of the bill as well as the subsidies. The insurance industry fees will be passed on to consumers and will show up on your bill/invoice as a line item explaining what the fee is for. Some of the fees will be used to pay for subsidies for those who qualify.
- New plan requirements of essential health benefits and maximum deductibles will be required for both Exchange and non-Exchange business. Essential health benefits provide a comprehensive set of services that every plan must incorporate. There are also caps on deductibles, copayments and co-insurance for each plan. Individuals will be able to pick the plan that best suits their health & financial needs.
We want you to know that we care and that we are here to help answer any questions you have regarding your current plan, help you enroll on or off the exchange. We want to provide the help your family and friends many need with these changes. Give us a call 9am to 5pm, Monday through Friday, at 1-800-247-9889.
We look forwarding to hearing from you!
Nevin and Witt