Health and Wealth Information Center is here for you in this confusing time, we will answer all your questions and take you where you need to be! 


Why do we need the Affordable Care Act?

The United States spends two times the average GDP on Healthcare vs. other industrialized countries.  On average every person spends $8000 per year which is worst in the world (coming in second is Sweden spending $4000 per person per year).  You would think by spending that much we would be living longer, right? Wrong, we have the worst expected lifespan of 79 years old; Japan comes in second at 84 years old. What makes this even worse is healthcare bills generate 60% of all bankruptcies in the United States. With ACA there will no longer be a barrier for pre-existing conditions, there is no cost discrimination against older adults and no more denial of coverage based on a technical mistake or error on a customer's application.


What is Affordable Care Act Trying to Accomplish?

  1. Emphasize Prevention and Wellness

  2. Improve the Healthcare Delivery System

  3. Control Costs

  4. Make Insurance Companies more Accountable

  5. Make Healthcare more Available

  6. Guarantee More Choices


What is a Health Insurance Exchange?

The ACA requires states to establish a governmental agency to ensure that all qualified health plans are available.  These will be known as "Exchanges" and will be available by 2014.  Issuers will offer one or more of these health plans: bronze, silver, gold and platinum.  The plans will provide increasing levels of services covered and limits on out-of-pocket spending.  


I have heard about a penalty if I do not enroll, what is the penalty?

On April 1, when the penalties begin, they start small and rise on a tiered scale up until 2016.


Families — $285 or 1% of total household income, whichever is greater.

Individual adults — $95 or 1% of total household income.


Families — $975 or 2% of income, whichever is greater.

Individual adults — $325 or 1% of income.


Families — $2,085 or 2.5% of income, whichever is greater.

Individual adults — $695 or 2.5% of income.


How does ACA effect companies over 50 full time employees?

Employers with 50 or more full-time employees, or thier equivalent, are seperatly liable for specific tax penalties. These penalties are determined by:

  • Whether the employer offers a group health plan with minimally acceptable standards of coverage,

  • Wheather the coverage offered meets the minimum test for affordability, and

  • Wheather one or more full-time employees recieve a subsidy to purchase coverage through a Public Healthcare Exchange.