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The Affordable Care Act: Looking Ahead At Changes In 2014

The Affordable Care Act: Looking Ahead at Changes in 2014

The Affordable Care Act (ACA), a.k.a. “Obamacare,” was signed into law in 2010, but many of the provisions of the legislation phase in over time. Next year—2014—is when many significant aspects of law become effective. Most recently, the implementation timeline was altered by a delay in the employer mandate for offering affordable group health insurance to eligible employees. However, politics aside, here are some parts of the law that go into effect in 2014:

• Coverage for Pre-Existing Conditions: In the past, insurers were barred from denying coverage to children with pre-existing conditions. In 2014, this provision extends to all insurance applicants. Insurers can still give applicants higher or lower premiums based on age, family composition, geographic location, and tobacco use, but they cannot increase premiums due to an individual’s health status. This is very helpful for folks who fear changing jobs due to a pre-existing condition, or relying on more expensive COBRA benefits temporarily if they become too sick to work.

• No Annual Coverage Limits: While many group and individual policies today are already offered with unlimited annual and lifetime patient benefits, this feature will be mandatory on new health insurance policies, effective Jan. 1, 2014. This change will reduce the catastrophic costs that used to face patients who underwent expensive surgical procedures or required expensive, ongoing medications.

• Health Exchanges: Legislation called for the creation of state health insurance “exchanges”—markets where individuals and businesses can shop for affordable policies. More than 25 states, including New Jersey, have opted to use the federal health exchange instead. Both federal and state exchanges were slated to open for business in October 2013, with effective dates for policy coverage beginning Jan. 1, 2014.

These are just a few of the major changes being implemented as part of the ACA. If you have questions on how the ACA my affect you—and your wallet—both now and in the near future, contact your Wealth Advisor. You might also want to read “The Affordable Care Act- How is it Affecting America’s Seniors?” and “The Affordable Care Act and America’s Young Adults.”

 

 

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Please remember to contact RegentAtlantic if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and services, or if you wish to impose, add, or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory

services and fees is available for your review upon request. This article is not a substitute for personalized advice from RegentAtlantic. This information is current only as of the date on which it was sent. The statements and opinions expressed are, however, subject to change without notice based on market and other conditions and may differ from opinions expressed in other businesses and activities of RegentAtlantic. Descriptions of RegentAtlantic’s process and strategies are based on general practice and we may make exceptions in specific cases.

Please remember that RegentAtlantic does not sell or recommend specific insurance products.

This information is based on RegentAtlantic’s current understanding of the Affordable Care Act. Congress may change this legislation at any time.

Important disclosure information

Please remember that different types of investments involve varying degrees of risk, including the loss of money invested. Past performance may not be indicative of future results. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or undertaken by RegentAtlantic Capital, LLC (“RegentAtlantic”) will be profitable.

Please remember to contact RegentAtlantic if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and services, or if you wish to impose, add, or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.

This article is not a substitute for personalized advice from RegentAtlantic. This article is current only as of the date on which it was sent. The statements and opinions expressed are, however, subject to change without notice based on market and other conditions and may differ from opinions expressed in other businesses and activities of RegentAtlantic. Descriptions of RegentAtlantic’s process and strategies are based on general practice and we may make exceptions in specific cases.

RegentAtlantic does not provide legal or tax advice. Please consult with a legal and or tax professional of your choosing prior to implementing any of the strategies discussed in this article.

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