March Brings Obamacare to a New Level

The Affordable Care Act (Obamacare) reaches a new level of maturity in its young life in March, 2014. This month the healthcare law takes on four new aspects.

 

  • Mandatory health insurance begins

 

March 31 is the deadline for adults who have no health insurance to get onboard with a policy. Those who do not have insurance must sign up by that date or face tax penalties.

 

  • Penalties for failure to carry insurance  

 

The penalties are not great in this first year of Obamacare’s health coverage, but the cost on non-compliance will increase substantially each year, becoming prohibitive very soon.

 

  • Tax credits kick in

 

As of this month, advance tax credits for insurance premiums are now part of the system. Lowest-income citizens will reap the greatest benefits at between 100-400 percent of the federal poverty level. But to qualify, your insurance must be obtained through an established state exchange.

 

  • Deductible co-pays for premiums begin

 

Out-of-pocket expenses are now also subsidized, but for an individual to be eligible, income must be below $29,000. For a family of four, the minimum is $59,000. One further stipulation is that you must enroll in the mid-level "Silver" plan to benefit from this component.

 

From our offices in Sterling, Pilkington Financial Services provides insurance services to its clients in Sterling and the surrounding Colorado communities. Contact us today for a quote.