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ACA – Affordable Care Act Part 1 – ACA Overview

The ACA- Affordable Care Act, aka “Obamacare”, is not a new law, but 2014 is the big year when the most impactful parts of the law get implemented.  October 1st marked the beginning for the Initial Enrollment period for 1/1/14 and later effective dates.

Changes in 2014

The following changes occur for health insurance policy purchases with 1/1/14 and later effective date:

  • Coverage purchase is now Mandated
  • Coverage is Guaranteed-to-Issue (GI)
  • Pre-existing condition exclusions  no longer apply
  • Plan designs must meet Federally mandated coverage requirements
  • Rates are now based on 3 factors only:
      1. Geographic Location
      2. Age
      3. Tobacco Use
    • Premiums for coverage bought through the Federal Exchange (FFM) may be subsidized based on household income

To be continued…