Beginning January 1, 2014, all U.S. residents are required to maintain minimum essential coverage unless the individual falls into one of the following exceptions:
· individuals with a religious conscience exemption (applies only to certain faiths);
· incarcerated individuals;
· undocumented aliens;
· individuals who cannot afford coverage (i.e. required contribution exceeds 8% of household income);
· individuals with a coverage gap of less than 3 months;
· individuals in a hardship situation (as defined by the Secretary of Dept. of Health & Human Services)
· individuals with a religious conscience exemption (applies only to certain faiths);
· incarcerated individuals;
· undocumented aliens;
· individuals who cannot afford coverage (i.e. required contribution exceeds 8% of household income);
· individuals with a coverage gap of less than 3 months;
· individuals in a hardship situation (as defined by the Secretary of Dept. of Health & Human Services)
For Employers:
If you have fewer than 25 employees, pay average annual wages below $50,000, and provide health insurance, you may qualify for a small business tax credit of up to 35% (up to 25% for non-profits) to offset the cost of your insurance. This will bring down the cost of providing insurance.Under the health care law, employer-based plans that provide health insurance to retirees ages 55-64 can now get financial help through the Early Retiree Reinsurance Program. This program is designed to lower the cost of premiums for all employees and reduce employer health costs.
Starting in 2014, the small business tax credit goes up to 50% (up to 35% for non-profits) for qualifying businesses. This will make the cost of providing insurance even lower.
In 2014, small businesses with generally fewer than 100 employees can shop in the Health Insurance Marketplace, which gives you power similar to what large businesses have to get better choices and lower prices. In the Marketplace, individuals and small businesses can buy affordable health benefit plans. Open enrollment begins on October 1, 2013.
The Marketplace will offer a choice of plans that meet certain benefits and cost standards. Starting in 2014, members of Congress will be getting their health care insurance through the Marketplace, and you will be able to buy your insurance through the Marketplace, too. Find out how you can get ready to enroll.
Please visit us at www.choicebenefits.org for more information or call: (978)703-0443
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