Affordable Care Act | Hummel Group

Affordable Care Act and Government Insurance Exchanges for Ohio

In 2010 President Obama signed the Affordable Care Act (ACA), frequently referred to as “Obamacare,” creating a news storm. The ACA has been slowly rolled out since, with one of the key aspects going into effect in 2014: all Americans need to have health insurance. Unless a person has an exemption, failure to acquire health insurance will result in a tax penalty.

Private Health Insurance Exchanges

Unlike the exchanges being set up as a part of the ACA rollout, there are private exchanges that set up their own infrastructure for providing a market-based health insurance structure. These new exchanges make it easy for users to search by a variety of categories, including what is covered. It becomes a convenient option for people who want to shop for insurance and retain a relationship with a licensed insurance professional.

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Open Enrollment Periods

Enrollment Time	Coverage Effective
November 1st - December 15th	January 1st

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FAQS

Enrollment Time

Coverage Effective

November 1st - December 15th

January 1st

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	[X] Are there Penalties Associated With Not Having Health Care? If you fail to get health insurance, there will be a fine tacked on to your taxes. This additional tax will be phased in over the next 3 years. Most individuals without insurance in 2014 will pay the greater of $95 or 1% of income. The fine maxes out at $2,085—aka, three people in a family at $695 each (consider any people in your family beyond that freebies)—although it’ll take several years for that max fine to be possible. Time will tell how well the ACA encourages people to get healthcare insurance. However, knowing and understanding the exchange system will be a benefit to people looking to comply with the new law.


	[X] Do I Need to Use the Health Insurance Exchange? Nobody needs to use the exchange to acquire their health insurance. Whether you’re getting insurance through work, or have your own go-to insurance provider, people who already have health insurance are good to go. And people who don’t have health insurance can do their own investigating to find an option that is right for them. The exchange exists to help highlight affordable options that conform to the set of standards the ACA requires. In addition, there will be tax credits available to families and individuals within a certain income level through the exchange.


	[X] What is a Health Insurance Exchange? The easiest way an exchange can be explained is by visualizing a marketplace. However, this marketplace isn’t open to just any company that sells insurance. These exchanges will only feature companies and insurance plans that conform to the specific criteria that have been established. With the federal and state run exchanges, these criteria are outlined in the ACA. States have three options for providing its citizens with an exchange: Create the exchange itself Partner with the federal exchange Decline state involvement and use the federal exchange Each state makes their own choice. Ohio has chosen to use the federal government’s exchange to provide its people with insurance options. In addition, whether a state or national exchange, the exchange has to allow people using the exchange be able to shop and purchase their plan online, over the phone, or through the mail, as well as be multi-lingual.


	[X] What is the ACA, and How Will it Help Us Get Health Insurance in Ohio? The ACA is a broad bill that brings reform to health care in America. In addition to requiring that everyone get health insurance, it sets up laws for businesses and how they provide health insurance to their employees. And, in a broad perspective, the final component is in setting up health insurance exchanges—also called Marketplaces.