There are more than a million people in the U.S. who have health insurance, according to the Centers for Medicare and Medicaid Services.
That number is expected to grow to more than 25 million by 2026.
Here’s what you need to know about the Affordable Care Act.
source MSNBC article The Affordable Care Care Act is the latest chapter in the health care reform story of the past eight years, as a series of legislative and executive actions that expanded the federal government’s role in the American economy have created a global economic boom.
Many of these laws have also brought with them changes to the health insurance industry.
As the economy grows, so does the number of Americans who have insurance, but some have been hit with new costs and fees.
The ACA, however, has been praised for its expansion of the safety net for the uninsured, which is expected over time to drive down premiums.
Some of the policies that are included in the law include: · The requirement that all health insurance plans cover essential benefits like maternity care, mental health care, and prescription drugs.
The government will also be required to provide tax credits to people with pre-existing conditions who purchase insurance.
· The expansion of Medicaid.
Individuals earning up to 138 percent of the federal poverty level will now be eligible for Medicaid coverage, and people earning up for $15,000 will be able to receive financial assistance.
· A federal mandate that everyone purchase health insurance on the same plan.
That means you will have to choose a plan that meets your needs.
For example, if you need a family plan, you might want to buy a group policy.
· More generous tax credits for small businesses and the unemployed.
Those with incomes between 200 percent and 400 percent of poverty will be eligible to get tax credits worth up to $2,500.
· Health insurance companies are required to offer affordable, quality, and reliable plans.
The federal government will provide an estimated $1.2 trillion in tax credits over the next decade for individuals, small businesses, and businesses with fewer than 50 employees.
This money will go toward the purchase of health insurance through the exchanges.
But the tax credits are only available to people buying insurance through private health plans.
You’ll need to purchase a government-run plan from a health insurer or a state-run health plan, or through an employer-sponsored plan.
You won’t get a subsidy if you’re enrolled in a Medicaid plan or the Children’s Health Insurance Program (CHIP), or if you get medical care through a Medicare provider.
You will be responsible for all the costs associated with your coverage, such as copays, deductibles, and co-pays.
If you have an emergency, your insurer will provide you with information about your coverage options.
And if you’ve already purchased insurance through a private health plan or through a state health plan through an exchange, you’ll have to pay the full premium.
If, however… · You don’t have insurance at all and you’re a new customer, you will pay a $95 deductible.
This will vary based on your income.
If your annual income is $40,000 or less, you can pay no more than $100.
If it’s more than that, you pay no deductible at all.
You can’t use this money to pay for a family health plan and can’t claim it on your tax return.
However, you may be eligible as an elective deferrals, which means you’ll be able get a reduced subsidy if your income falls in the low $12,000 range.
But if you qualify for elective deferments, you have to make up the difference between your deductible and the cost of your plan.
· You’ll also have to purchase your plan from the federal exchange, or buy it from your state exchange.
The Federal Trade Commission will be the main regulator of health insurers.
If a health plan fails to meet the ACA’s standards, it could lose its federal tax subsidies and be subject to penalties.
In addition, some states are considering requiring insurance companies to sell plans on the exchanges and provide them with a network of qualified, third-party brokers to sell their plans.
If that happens, you won’t have to use any of the tax credit dollars you may have been getting for your own health insurance.
And while the tax benefits will only apply to new customers, those who have been paying their premiums for years may also be eligible.
The Affordable Health Care Act has also been praised by advocates for the poor and people with disabilities.
The law guarantees the uninsured and low-income people with preexisting conditions the ability to get health insurance in most cases, and requires them to pay their share for coverage they do have.
In some cases, they also will have the option of switching plans if they choose.
And the law requires states to provide a range of financial assistance to low- and moderate-income families to help them afford health insurance coverage. But while