Our calculator below will help guide you toward an estimation for what your rates will be under this new bill. Take a minute to read more about what this will mean for you.

What will this mean for you?

The Patient Protection and Affordable Care Act was signed into law March 23rd, 2010 and upheld by a Supreme Court ruling June 28, 2012. This Act is also known as ObamaCare. Key features of the law are:

  • Individual Mandate – Effective January 1, 2014, all Americans with incomes above 100% of Federal Poverty Level (FPL) must have health insurance or pay a penalty (tax). In 2014, the penalty is the lesser of $95 per person or 1% of household income. In 2016, the penalty increases to the lesser of $695 per person or 2.5% of household income. There are limited exceptions to this mandate.
  • Business Mandate – Effective January 1, 2015, all companies with 50 or more equivalent full time employees will have to provide affordable coverage to its employees and dependents, not employee’s spouse. Penalties for not providing affordable coverage are $2000 per employee per year.
  • Insurance Premium Subsides – Individuals/Families whose household income is between 100% – 400% of FPL will be eligible for subsides to help pay for their health insurance. Based upon percent of poverty level, Individuals/Families will be expected to pay a calculated percent of household income for their insurance with the balance of the premium being paid by the federal government. (See calculator to determine your percent of FPL and cost of insurance)
  • Benefit Mandates – ObamaCare requires that all insurance policies sold after January 1, 2014 include no limits on pre-existing conditions, no annual limits, expansion of wellness incentives, guarantee issue, maternity coverage, coverage for clinical trials and dependent coverage to age 26. This will increase the cost of insurance significantly. However if you are on a health insurance policy that has an effective date before March 23rd, 2010, your plan will be deemed “Grandfathered” and will not have to meet the new requirements.

What Marc Insurance would like to do, is help you to understand what this new bill means for you.

What will your rates be under the new bill?

*Please note that these numbers are only an estimate. This does not necessarily reflect the exact number amount. Louisiana did not accept the expansion of Medicaid. Contact us for further explanation.