“ObamaCare” Q&A

Check here for questions and answers regarding the Patient Protection and Affordable Care Act, or “Obamacare” as it is sometimes referred. These are questions I have received in conversations with clients and prospective clients regarding the new healthcare laws.

Q. What is the “Marketplace?”

A. The Marketplace is actually a website. For most people its http://www.healthcare.gov unless your state has it’s own marketplace website. The site gathers information on you and offers you plans from private insurance carriers based on the information you give them. There you can find whether you qualify for a subsidy and see what carriers offer plans that are compliant with ACA minimum standards. Plans offered on these websites will keep you from the IRS penalty for not having coverage. You can still sign up for ACA compliant plans through these carriers directly. I am certified to help you find an ACA compliant plan and will make sure to find coverage that’s right for you.

Q. Do I have to have coverage through an ACA compliant plan?

A. No. For most people an ACA compliant plan makes the most sense, but some will be considered exempt. Others may find it cheaper to get other coverage and pay the penalty. Depending on your circumstances, it may be possible to find adequate coverage which will be less expensive for you even after you pay the end-of-year IRS penalty. I can help you figure that out.

Q. How do I figure my penalty for not having an ACA compliant plan?

A. I am not an accountant so the best advice is to consult with your CPA, but according to published accounts, the penalty for not having an ACA compliant plan for individuals in 2014 is 1% of your taxable income, or a minimum of $95 per adult and $47.50 per child (up to $285 for a family) whichever is greater. The monthly fee is 1/12 of the total fee (excluding coverage gap exemptions) see the individual mandate for more details on the fee.

For 2015 the penalty is 2% of your taxable, or a minimum of $325 per adult and $162.50 per child (up to $975 for a family) whichever is greater. The monthly fee is 1/12 of the total fee (excluding coverage gap exemptions) see the individual mandate for more details on the fee.

Q. How do i find out if I’m exempt from the penalty?

A. There are several types of exemptions to the penalty. The major categories are exemptions related to income, health, hardship, and group coverage. If you think you may qualify or are curious to know, click here for information regarding exemptions. If we talk by phone, I will personally take you through these to determine whether you qualify. My goal is to get you the coverage that’s right for you at the most affordable price.

Q. Do you work for the government?

A. No. I am an independent agent affiliated with Health Reform Team and can give you access to all the major carriers. The result is that I can get you access to coverage that’s right for you at the best price.

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