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ObamaCare Overview

A quick presentation about the ACA by Medicoverage.com

Chris Mihm

on 3 October 2013

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Transcript of ObamaCare Overview

March 2010 ObamaCare becomes law
Under 26 can go/stay on parents plan
No lifetime limits for your medical expenses
No cost for preventive and all plans must offer "essential benefits"
Groups over 50 employees must offer coverage (more on this)
Nearly all individuals not covered must purchase health insurance by Jan 1, 2014
No one declined in 2014
All Insurance is still provided by private insurance companies
State and Federal Health Care exchanges required to process some applications
ObamaCare Large Group
Over 50 full-time equivalent employees:

Must offer coverage to all employees in 2015 or face penalties
Must offer to employees’ dependents
Dependents are children 26 and under NOT spouses
ObamaCare Small Group
Not Mandated to Offer Insurance
Sole-proprietorships are not small groups
1099 Independent Contractors Do Not Count toward Employees
Tax Credit for Employers with fewer than 25 full-time equivalent employees making an average of about $50,000 a year or less.

Fast growing groups can still sign up for a PEO like AMBROSE
Small Group Subsidies
Tax Credits up to 50% for 2 years
10 or fewer employees receive greatest credit
Must purchase from SHOP (even if currently have insurance from off-Exchange plan)

What every founder should know about ObamaCare

1776 Roundtable
Sept 30, 2013
Obamacare like an Iceburg...

Group Insurance

Members approval based on health history (AKA people turned down for pre-existing)
Smokers, older people or those with pre-existing conditions charged 500% best rate
100's of plans to choose from
Benefits vary by state and provider
Sign up whenever you want with no questions about your finances

Company could choose to offer employee coverage
2 or more person entity considered a group
Everyone group member was approved
Usually more expensive than individual coverage
Company could pay all or part of monthly cost (premium)

Those making <400% of Federal Poverty Line (FPL) may get a premium subsidy
138% and 250% FPL may get cost share subsidy
Those under<130% may go on Medicaid
Individual ObamaCare Plans
offered by Private insurance companies inside and outside the health exchange

This is a California Example
to see information about your state, visit www.medicoverage.com
Subsidy Example
Number of employees: 10

Wages: $250,000 total or $25,000 per employee

Employer contribution to employee premiums: $70,000

Tax credit amount: $35,000 (50% of employer's contribution)
When to Sign up
Fast growing groups could join PEO like Ambrose
No coverage
No Health Insurance Coverage
Not a great option
Public Coverage
Full transcript