Keeping You Informed
We want to keep you updated on the status of this legislation. While the law was just passed, many activities still have to occur. As the implications and requirements of the legislation become clearer, we will continue to update these pages. You may also Join Our Email Alert to be notified of updates.
Overview
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act It was modified by the Health Care and Education Reconciliation Act of 2010, signed by President Obama on March 30, 2010.
The following summary explains key health coverage provisions provided in the federal law. In some instances state law may do more.
The legislation will do the following:
- Most individuals will be required to have health insurance beginning in 2014, or face a penalty.
- Individuals who do not have access to affordable employer coverage will be able to purchase coverage through a health Insurance Exchange with premium and cost-sharing credits available to some people to make coverage more affordable. Small businesses will be able to purchase coverage through a separate Exchange.
- Employers will be required to pay penalties for employees who receive tax credits for health insurance through the Exchange, with exceptions for small employers.
- New regulations will be imposed on all health plans that will prevent health insurers from denying coverage to people for pre-existing conditions and their health status, and from charging higher premiums based on health status and gender.
- Medicaid will be expanded to 133 percent of the federal poverty level ($14,404 for an individual and $29,327 for a family of four in 2009) for all individuals under age 65. (Medicaid coverage may vary by state.)
- The Congressional Budget Office estimates that the legislation will reduce the number of uninsured by 32 million in 2019 at a net cost of $938 billion over ten years, while reducing the deficit by $124 billion during this time period.
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