Member Article

Starting in January 2014, everyone will be required to purchase health insurance. If you are someone whose company already provides you with insurance, you can probably skip this article. But if you are elderly, purchase your insurance privately, or are one of the 24.2 percent of Texans without health insurance, you might want to read on.
The Affordable Care Act 

The Affordable Care Act (ACA) and universal healthcare both refer to a piece of legislation that was signed into law three years ago. The gist of the legislation is something like this:

1. Everyone will have to purchase health insurance, or pay a fine. The first year, the fine will be $95 or one percent of income, whichever amount is higher. In 2016, the fine will increase to $695 or 2.5 percent of income. The penalty is half that amount for children under 18.

2. The ACA will provide a new way to buy insurance through a government agency. A large number of people buying health insurance to avoid penalties, mixed with the creation of a new marketplace that may be complex and difficult to understand, spells opportunity for scammers looking to take advantage of people who may not be familiar with the process.
A large number of people buying health insurance to avoid penalties, mixed with the creation of a new marketplace that may be complex and difficult to understand, spells opportunity for scammers looking to take advantage of people who may not be familiar with the process.

 

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