Understanding the Affordable Care Act

connecticut health insuranceEffective October 1, 2013, the Affordable Care Act goes into effect.  This allows CT residents to purchase their health care through a “health insurance exchange” or marketplace.  Access Health CT is Connecticut’s official health insurance marketplace.  It offers residents and small employers a range of qualified health care coverage options from health insurance carriers and public health care programs.  You can get the coverage you need online, over the phone or in person.

Enrollment is now till March 31, 2014.

Some common questions you may have regarding Access Health CT

Will I be able to get a plan with a strong network of doctors and clinics?

Yes: For insurance carriers to be included in Access Health CT, Connecticut’s health insurance marketplace, they must meet certain requirements. One is that their plans include a strong network of doctors and clinics.

What are the tax penalties for individuals and small businesses that do not sign up for health care coverage?

As of January 1, 2014, most U.S. residents will be required to have health care coverage.  The federal government has set the following tax penalties for individuals who do not have coverage:

  • For 2014, $95 or 1% of your gross household income over the federal income tax filing threshold-whichever is greater. (the federal income tax filing threshold is $9,500 for an individual or $19,500 if married filing jointly)
  • For 2015, $325 or 2% of your gross household income over the federal income filing threshold-whichever is greater.
  • For 2016, $695 or 2.5% of your gross household income over the federal income tax filing threshold-whichever is greater.

The law provides exemptions for certain individuals, including those below a certain income and those who cannot afford the coverage that’s available.

If you are a business owner with fewer than full-time-equivalent (FTE) employees, you will not have to pay a penalty if you do not provide insurance to your employees.  If you have more than 50 FTE employees and do not provide insurance to your employees, you may be subject to penalties beginning in 2014.

We understand that all the new regulations may be hard to understand, so always be sure to talk with your health insurance agent for accurate information.

Contact Penny Hanley & Howley Insurance for more information regarding the new Health Insurance laws.  We will direct you to our Health Insurance Agent.

Source: https://www.accesshealthct.com/

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