Alert: New Rules for Health Insurance

 In Insurance

Federal health insurance legislation passed in 2010 is commonly known as the Affordable Care Act. By any name, the legislation is far reaching, with many provisions that take effect in various years. As we head into 2014, you should know what provisions might affect you, your family and, if you are a business owner, your company.

Perhaps the most important news is the introduction of the so-called “individual mandate.” Although there are exceptions, most Americans will be required to have acceptable health insurance in 2014. Those who don’t have such coverage may owe a penalty, in the form of a payment to the IRS.

Next year’s developments go beyond the individual mandate, however. State-sponsored exchanges will be in effect, designed to help consumers find satisfactory policies. Employers already have some obligations under the Affordable Care Act and 2014 will bring new ones, or at least the need to prepare for requirements taking effect in 2015.