Well, it finally passed. Whether or not you are pleased with the results, it is time to pay close attention to how to adapt to the changes that will take place.
Most of the major changes will not be implemented until 2014, however, there are some significant changes that take place this year. If you are a small business owner, with fewer than 50 employees, then you should speak with your tax professional about how the new tax credits will affect you. Tax credits will be given to cover 35% of premiums starting this year, then the tax credits increase to 50% in 2014.
Do you own an individual/family with children on the plan? There are some IMMEDIATE changes you can make to save significant premium dollars. Even though insurers won’t be required to cover children’s pre-existing conditions for another 6 months, there is a stategy that can be implemented now to take advantage of this.
There are other significant changes that will go into effect this year: Coverage will be extended for adult children on their parent’s policy until their 27th birthday; an interim high-risk pool will receive $4 billion; $250 rebate to help fill the “donut hole” (for Medicare recipients), no lifetime caps, etc.
If you have any questions about these changes will affect you, please give us a call.
678-236-1600
