The Affordable Care Act (ACA), aka, Obamacare, is still in-force. To avoid penalties, individuals and employers should continue to comply with the ACA rules in 2017. Non-compliance will result in fees. We will notify you as soon as concrete dates are announced regarding any upcoming changes to the rules:
5 takeaways from the new GOP health care plan, American Health Care Act (AHCA) released last week:
- The requirement to buy health insurance goes away and tax penalties for individuals or employers are removed. However, if an individual has a lapse in coverage of more than 63 days, their premiums could be increased by 30%.
- There are still tax credits for people to buy insurance. The new Plan provides an “advanceable” tax credit, based on age and family size – People under 30 get $2,000 a year; over 60 year olds can claim $4,000.
- Insurers still have to cover pre-existing conditions, but they will be able to charge more for people who are recently uninsured for more than 63 days.
- Dependents up to age 26 can stay on their parents’ plans.
- Medicaid will eventually be reduced.
DDI will continue to provide updates to keep you informed on changes. As always, please contact us if you have any questions.
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