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ObamaCare Info as of September 25, 2013

Posted by Predovich & Company

Still much is unknown about how ObamaCare will affect you.
The employer notice to employees on or before October 1, 2013:

  • The Department of labor indicates employers "should" give the required notices to their employees on or before October 1, 2013.
  • The IRS has indicated they will not levy penalties against employers who miss the October 1, 2013 deadline.
When does ObamaCare actually become mandatory:
  • January 1, 2014 for individuals.  However, many waivers have been granted.
Health insurance costs:
  • Rates for health insurance will be based on your age and where you live.  With wide variations.
  • Generally speaking, rates for young people will be greater than rates are now for the same coverage.  
  • Generally speaking, rates for older people will be less that rates are now for the same coverage.
How do rates compare with previous rates?  (From Forbes 9/25/2013 article by Carolyn McClanahan)  
  • If you live in a state where individual insurers already sold robust policies and promised guaranteed issue coverage, your rates are lower. If you live in a state where individual insurers cherry picked healthy people or didn’t provide great coverage, three things happen:
    1. If you are healthy, young, and in that “desirable” group for insurance companies – your premiums go up a hefty amount.
    2. If you are unhealthy, but still able to get coverage – your costs most likely go down significantly.
    3. If you are unhealthy and couldn’t get coverage in the past – good news! You can now get coverage and price is not based on health.
Source: Forbes 9/25/2013


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