The Affordable Care Act

Many questions continue to be asked about how the Affordable Care Act (ACA) is affecting individuals, families and employers across the US. Here in Connecticut, we know one of the implementations of the law as Access Health CT; while others have had to lose the coverage they once had, only to replace it with ACA-compliant plans, both at the Individual and Group insurance level.

 

Affordability and the level of coverage are the two biggest issues we at Roland P. Wauthier & Co., Inc have faced when listening to your concerns. We are here to help you traverse and transition over to a plan that will best suit your needs and your pocket. Some key questions could readily be answered through HealthCare.gov's website which can be accessed at https://www.healthcare.gov. On that website, you can find answers to many common questions such as:

  

ACA Timeline

 

2015

- 40% excise tax to be imposed on high-cost "Cadillac" plans.

 

2014

- Free choice voucher to be provided to qualifying employees by employers.

- 90-day limit onwaiting periods to take effect when joining a group health plan.

- Small group to be redefined as 1-100.No more annual dollar limits on essential health benefits.

- Guaranteed issue on individual policies.

- Cap of 30% on incentives for wellness programs.

- Routine patient costs for clinical trials of life-threarening diseases to be covered (not required for grandfathered plans).

 

2013

- Employee notification of access to Exchanges.

- Employers to report value of employer- sponsored health benefits on W2s.

- FSA contributions limited to $2,500.High earner tax begins.

- Annual fee on medical device sales begins.

- Deduction for expenses allocable to the Part D subsidy for “qualified prescription drug plans” eliminated.

- Comparative effectiveness fee increases to $2 per member/year.

- ICD-10 code adoption.