The Affordable Care Act, sometimes known as "Obamacare," was signed into law on March 23, 2010. The law has 2 parts: the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act.
Introducing The Marketplace
The Affordable Care Act is a set of health insurance reforms that started in 2010 and will continue to roll out in 2014 and beyond. 2014 is an important year. The Health Insurance Marketplace will offer a new way for people without insurance to get coverage and to find out if they can get lower costs for private insurance. They can also find out if they qualify for Medicaid or the Children’s Health Insurance Program (CHIP). Also starting in 2014, people who do not have health coverage may have to pay a fee. Read more about the timeline of the Affordable Care Act here.
For Americans who don’t have access to affordable health insurance coverage, the marketplace will offer a variety of health insurance plans to meet their varied needs and budgets. All plans in the marketplace will meet minimum value standards.
The marketplace offers one-stop shopping to find and compare private health insurance options. Some individuals may also be eligible for a new kind of tax credit that lowers their monthly premium right away.
Health Insurance Marketplaces will open for consumers to begin shopping for plans on October 1, 2013 for plans that take effect January 1, 2014.
Who Qualifies For Tax Credits or Subsidies
The Affordable Care Act provides tax credits and subsidies for people who qualify, to help make insurance more affordable when they shop through the Marketplace. Individuals may be eligible for tax credits or subsidies if:
What This Means For Lehigh Employees
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