ACA Timeline

Some aspects of the Affordable Care Act (ACA) are already in effect, others will be phased in over the next few years.
The most important dates are outlined here.

2013
  • Flexible Spending Account contributions are limited to $2,500.
  • Medicare Withholding Tax increased from 1.45% to 2.35% for individuals making over $200,000 and families making over $250,000.
  • Employers filing more than 250 W-2s must report the cost of health coverage on the employee's W-2 for the 2012 calendar year. Those employers filing less than 250 W-2s are exempt until 2014.
  • Patient Centered Outcome Research Tax due for reporting period 10/1/2011 to 10/1/2012. The fee for this year is $1.00 per covered life per reporting period. Self-insured plans are required to remit payment
2014
  • The Marketplace opens in October for coverage effective January 2014.
  • Most U.S. Citizens and legal residents will be required to have health insurance or pay a penalty.
  • A Premium Tax Credit is available for eligible individuals to help pay for insurance coverage purchased on the Exchange.
  • Small Businesses can receive a tax credit if health coverage purchased through the Exchange and qualifying requirements are met.
  • Coverage and Benefit Changes:
    • No exclusions for pre-existing conditions
    • Mandatory coverage for clinical trials.
    • State-determined essential health benefits apply to individual and small group policies.
    • Annual limits cannot be applied to essential health benefits.
    • Employer groups cannot impose waiting periods of longer than 90 days to new employees.
    • Employers may increase the reward for employees meeting specified wellness initiatives to 30% of the cost for single premium coverage.
2015

2016
  • The Small Business tax credit is no longer available.
  • Large Businesses must report to the Internal Revenue Service on the health insurance they offer.
2017
  • States can open Exchanges to large employers and groups                                                                                 
2018
  • The 40% "Cadillac" tax imposed on plans with excessive premiums has been delayed until 2020 ;
2020
  • Medicare Part D coverage gap will be 25%


To find out more about health insurance, as well as other products and services, contact a member of our
Health Care Team

    Angela McInerny  Dan O'Connell  Rene Dickens  Megan Guzylak  Josh Palmer               

 

Contact

Corning Painted Post Agency 
55 E. Market St.
Corning, NY 14830

Phone: (607) 936-4642
Fax: (607) 732-0120

Swan Morss Insurance
309 E. Water St.
PO Box 179
Elmira, NY 14901

Phone: (607) 734-6283
Fax: (607) 732-0120




©2019 Swan & Sons-Morss Company, Inc. All Rights Reserved. Website Design by inCommand Technologies