Affordable Care Act Summary.pdf

The Patient Protection and Affordable Care Act of 2010 (ACA): Goals and key features Based on the materials by the Kaiser Family Foundation. Retrieved from http://kaiserfamilyfoundation.files.wordpress.com/ 2011/04/8061-021.pdf Overall approach to expanding access to health insurance (HI) coverage...

The Patient Protection and Affordable Care Act of 2010 (ACA): Goals and key features Based on the materials by the Kaiser Family Foundation. Retrieved from http://kaiserfamilyfoundation.files.wordpress.com/ 2011/04/8061-021.pdf Overall approach to expanding access to health insurance (HI) coverage 1. Requirement for US citizens & legal residents to have health insurance (HI) to reduce the # of uninsured in US 2. Creation of state-based HI exchanges ◦ For individuals to buy insurance Cost-sharing credits to individuals/families btw 133-400% of the federal poverty level (FPL); FPL (2014): $19,790 for a family of three (100% of FPL) ◦ Creation of separate exchanges for small employers/companies ◦ Impose new regulations on health plans in state exchanges, in the individual, & group (employment-based) markets 3. Requirement for medium and large employers (>50 employees) to provide HI or pay penalties 4. Expansion of Medicaid to those with households income below 138% of the FPL 2 Federal Poverty Level (FPL), 2014 Persons in 100% 133% 150% 300% 400% household 1 $11,670 $15,521 $17,505 $35,010 $46,680 2 15,730 20,921 23,595 47, 190 62,920 3 19,790 26,321 29,685 59,370 79,160 4 23,850 31,721 35,775 71,550 95,400 Families USA. (2014). Federal Poverty Guidelines. http://familiesusa.org/ product/federal-poverty-guidelines 3 https:// www.nevadainsuranceenrollment.com/ wp-content/uploads/2019/09/2020- Health-Insurance-Federal-Poverty- Level-chart.jpg 4 The individual mandate Requires US citizens & legal residents (if they live in the US for ≥5 years) to have qualifying HI Exemptions: granted for financial hardship (lowest health plan exceeds 8% of income), religious objections, American Indians, those without HI for