By Jenny Jump, Family & Consumer Sciences Extension Agent at UF/IFAS Extension-Columbia County, and Taylor Spangler, project assistant at MEACA (Marketplace Exchanges of the Afffordable Care Act)
Reviewed by Martie Gillen, PhD, Department of Family, Youth, and Community Sciences, University of Florida
Act now: citizens need to be enrolled in coverage in place by March 31, 2014 under the Affordable Care Act (unless you are exempt or choose to pay a fee).
The Affordable Care Act is one of the largest changes to America’s health care system since Medicare was established in 1965. The intense debate surrounding the ACA, sometimes referred to as “Obamacare,” has caused widespread confusion and speculation. UF-IFAS Extension can help Americans make informed decisions regarding this legislation.
Under the Affordable Care Act, most people must have “qualifying” health coverage (this includes Medicare, Medicaid and the Children’s Health Insurance Program [CHIP]), or they will have to pay a penalty. Some people are exempt from this requirement due to a variety of reasons. For instance, if the lowest-priced coverage available to you would cost more than 8% of your household income, if you are a member of a federally recognized tribe or eligible for services through an Indian Health Services provider, if you had medical expenses you couldn’t pay in the last 24 months, or if you received a shut-off notice from a utility company, you may qualify for an exemption. For a complete list of exemptions, visit https://www.healthcare.gov/exemptions/.
Even if you are not currently insured and are not exempt, you can avoid the tax penalty this year if you have gone less than three months without insurance or if you enroll in a healthcare plan by March 31, 2014.
If you do not meet these requirements, and do not have health coverage, you will have to pay a fee. The fee is $95 per adult and $47.50 per child (up to a maximum family rate of $285) OR 1% of your income above the filing threshold (whichever is higher). Penalties are assessed through the tax-filing process.
To access the Health Insurance Marketplace in your state, go to http://www.healthcare.gov, or call 1-800-318-2597 (TTY: 1-855-889-4325). You can also apply via mail; the application is available for download on the website, or in person at participating sites, which are listed at https://localhelp.healthcare.gov.
If you live in Florida, UF-IFAS Extension is offering classes throughout the state to help you understand the new law, explain the health care options available, and shed light on health insurance terminology. Certified Application Counselors will be available at these classes to assist you with the enrollment process. The current open enrollment period ends on March 31. The next open enrollment period will start on November 15, 2014, with medical coverage starting in 2015. For more information, or to find a Certified Application Counselor near you, contact your local extension office.
(Photo credit: Doctors fees by 401(K) 2012. CC BY 2.0.)
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