Thomas P. Meehan Clearwater FL On State of the Union Components

TAMPA, Fla. - Jan. 29, 2014 - PRLog -- In an effort to better help employees and extended family members better understand components of the State of the Union Address, Thomas P. Meehan of Clearwater, Florida takes a look at one key discussion point.

What is the Affordable Care Act, and what do I need to understand about the Affordable Care Act as we move into 2014?

Understanding the marketplace and the confusion surrounding the marketplace:

The marketplace, or the exchange as it is called by many, is designed to act as an online clearinghouse where small business owners and residents can compare plans and purchase health insurance.  Some consider it almost like the travel websites, while others tend to think of it like a virtual mall where you are supposed to be able to purchase a health insurance plan.

The site is available online at http://www.healthcare.gov.  The site itself has been the center of controversy due to its initial crash, user interface issues and overall price tag.

I have health insurance at work, is there anything I need to better understand?

There will still be changes even if you make the decision to stick with your employer’s existing insurance plan and do not purchase coverage on the exchange.  That is because all plans must now include specific essential benefits and meet other requirements laid out by the government.  There will also be new taxes and fees attached to your bill to pay for aspects of reform, such as support for lower-income individuals and families.

It is also possible that your employer may drop or change your plan based upon mandated changes, so you may end up shopping the exchange.

What is going to happen with my individual insurance policy?

The sad and simple truth is that you can continue with your current insurer, but the plan you now enjoy will be gone in 2014 in an effort to comply with the Affordable Care Act.  It will also be necessary for you to go through the exchange if you want to try to qualify for a federal subsidy to help pay for your health insurance coverage.

Am I eligible for a subsidy?
Americans in certain income levels can apply for tax credits or subsidies to help offset the cost of plans purchased on the health care exchange. The tax credits are sent to the insurance company so enrollees don't have to pay that money up front.

There is a subsidy calculator available by visiting the subsidy calculator (https://www.healthcare.gov/how-can-i-get-an-estimate-of-c...).

In closing:

Understanding one of the biggest pieces of health care reform is not impossible.  Knowledge is your power in the fight to ensure your family has the best health care available, but you must remain vigilant in your questioning of the “why” behind everything that is being executed in early 2014.  Will the changes make our country better, or will this irrevocably harm our ability to do business?

About the author, Thomas P. Meehan

Thomas P. Meehan is an entrepreneur from Clearwater, Florida and is currently celebrating his 26^th years as a successful business owner.  Meehan has an interest in the history of the United States, alternative options for medical treatment educating the world about political matters in a proactive manner.  Businesses owned by Thomas P. Meehan have been successfully improving the quality of operations for a variety of small business owners worldwide, as well as improving the quality of life for individuals for at least the same amount of time. His holdings offer a range of services.