Each Monday morning at 8:25am & 8:45am, join Edwin M. Shorty, Jr., Attorney at Law, discussing all legal matters that impact your lives!
650 Poydras St. Suite 2420,
New Orleans, LA 70180
Attorney Edwin M. Shorty on the Affordable Care Act
An individual mandate requires all individuals: not covered by an employer sponsored health plan, Medicaid, Medicare or other public insurance programs (such as Tricare) to secure an approved private-insurance policy or pay a penalty, unless the applicable individual has a financial hardship or is a member of a recognized religious sect exempted by the Internal Revenue Service. The law includes subsidies to help people with low incomes comply with the mandate Minimum standards for health insurance policy
Among these new standards are a ban on the ability to drop policyholders if they become sick, a ban on price discrimination on the basis of pre-existing conditions or sex through a partial community rating, and allowing children and dependents to remain on their parents’ insurance plan until their 26th birthday, preventive care, childhood immunizations and adult vaccinations, and medical screenings will be covered by an insurance plan’s premiums, and have co-payments, co-insurance, and deductibles eliminated. Specific examples of such services covered include: mammograms and colonoscopies, wellness visits, gestational diabetes screening, HPV testing, STI counseling, HIV screening and counseling, FDA-approved contraceptive methods, breastfeeding support and supplies, and domestic violence screening and counseling
Penalty for not having insurance (penalty is paid from your tax refund)
Annual tax penalty of $95, or up to 1% of income over the filing minimum, whichever is greater. The penalty is prorated, meaning that if a person or family have coverage for part of the year they won’t be liable if they lack coverage for less than a three-month period during the year
Subsidies to buy
Low-income individuals and families whose incomes are between 100% and 400% of the federal poverty level will receive federal subsidies on a sliding scale if they purchase insurance via an exchange. Those from 133% to 150% of the poverty level will be subsidized such that their premium costs will be 3% to 4% of income. In 2013, the subsidy would apply for incomes up to $45,960 for an individual or $94,200 for a family of four; consumers can choose to receive their tax credits in advance, and the exchange will send the money directly to the insurer every month. Small businesses will also be eligible for subsidies
Edwin M. Shorty, Jr., Esq.