Beginning in 2014, all individual will be required to be covered for health insurance. The ACA requirement carries penalties from both an individual and company perspective. Individual will face a penalty of approximately $95 for non-coverage. Companies with 50 or more employees who don’t offer health insurance will face penalties between $2,000 and $3,000 per employee. These are the penalties slated for 2014 and are expected to become steeper each year. 2014 also gives rise to healthcare exchanges. These will be marketplaces which will offer health insurance plan options to individuals. The exchanges will be state specific for those states which have opted to setup their own exchanges. For states that have not opted to setup an exchange, they will become part of the federal exchange system. The last major provision of the ACA to become effective for 2014 is the expansion of Medicaid. Those who earn less than 133% of the poverty level will now qualify for Medicaid coverage. Will you be ready for the changes coming in 2014?
Source: Health Insurance Providers
About BHM Healthcare Solutions – www.bhmpc.com
BHM is a healthcare management consulting firm whose specialty is optimizing profitability while improving care in a variety of health care settings. BHM has worked both nationally and internationally with managed care organizations, providers, hospitals, and insurers. In addition to this BHM offers a wide breadth of services ranging including managed care consulting, strategic planning and organizational analysis, accreditation consulting, healthcare financial analysis, physician advisor/peer review, and organizational development.
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