The Affordable Care Act still remains in force despite changes made to the law. Under the ACA, individuals must have qualifying health insurance by April 1, 2014 or pay a penalty. The 2014 penalty is 1% of taxable income or $95 per adult, up to $285 per family. Exceptions apply for financial hardship, religious objections, or if insurance costs more than 8% of income. Insurers can no longer deny coverage or increase premiums due to pre-existing conditions under the ACA.

1. 4 Important Facts About
the Affordable Care Act

2. Since its rocky rollout in October, the Patient Protection and Affordable Care has
been the subject of controversy and debate. But much of this has obscured the
simple fact that, despite a number of changes that have been made to the law in
recent months, the ACA’s major provisions still remain in force.
The Patient Protection and Affordable Care Act

3. March 31st Deadline
If you do not have qualifying health insurance through your employer, Medicare,
Medicaid, or a military or veteran’s plan, you must have coverage under a
qualifying plan by April 1, 2014, or you will have to pay a penalty.
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4. 2014 Penalties
The 2014 penalty is equal to 1 percent of your taxable income or $95 per adult
or $47.50 per child, up to a maximum of $285 per family, whichever is greater.

5. 2015 Penalties
In 2015, 2 percent of your taxable income or $325 per adult or $162.50 per
child, up to a maximum of $975 per family.

6. If you have household income above 400 percent of the federal poverty level and
health insurance will cost more than 8 percent of your taxable income (after
accounting for employer contributions or tax credits), you may be exempt from
paying the penalty.
There are some exemptions
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7. More exemptions
You can also apply for an exemption if you have financial hardships or religious
objections or are an American Indian, uninsured for less than three months,
an undocumented immigrant, or incarcerated.

8. You canYou can’t be denied due to a pre-existing condition’t be denied due to a pre-existing condition
This is one of the central tenets of healthcare reform: Insurers can no longer reject
you for coverage due to a pre-existing health condition like high blood pressure
or diabetes. Nor can they issue you a policy that excludes coverage for specific
health conditions.
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9. Premiums can’t be increased due to a diseasePremiums can’t be increased due to a disease
When your health insurance policy comes up for renewal, your insurer cannot
increase your premium if you have been diagnosed with a disease over the past
year. But your insurer can increase your premium as part of an across-the-board
rate hike for all policy holders.
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10. Material contained in this article is provided for information purposes only and is
not intended to be used in connection with the evaluation of any investments
offered by David Lerner Associates, Inc. (DLA). This material does not constitute
an offer or recommendation to buy or sell securities and should not be considering
in connection with the purchase or sale of securities.
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