Although the economy is still in a precarious position post-election, one thing we know for sure is that Obamacare, formally, the Patient Protection and Affordable Care Act, is here to stay.
Obamacare was signed into law on March 23, 2010, and its Constitutionality upheld by the Supreme Court in a 5-4 decision on June 28, 2012. It is being rolled out in phases, with full implementation due in 2014, when the plan’s biggest changes will be implemented, according to the website, Healthcare.gov.
A few helpful highlights:
Beginning in Sept. 2010:
• Young adults can remain on their parent’s or guardian’s health insurance plan up to age 26; and
• Insurerers cannot deny coverage to children under age 19 for pre-existing conditions.
Beginning Aug. 1, 2012:
• Health insurers must provide full coverage for contraception.
By the fall of 2013:
• Individuals and small businesses will be able to buy insurance through state-sponsored online marketplaces called Affordable Insurance Exchanges. These transparent “one stop shop,” websites will allow consumers to compare prices of federally approved plans and determine their eligibility for things like tax credits, and lower co-payments or deductibles.
Starting in 2014:
• An insurer will not be able to refuse coverage because of a pre-existing conditions to anyone; and
• Employers with 50 or more employees must purchase insurance for them or pay a steep fine, provided the employees work at least 30 hours a week.
States are implementing Consumer Assistance Programs to answer questions about the new health care changes.
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