Since it was enacted in 2010, the Affordable Care Act has brought about many changes within the health insurance industry. In order to avoid overwhelming the American public, these provisions have been implemented gradually each year. Below are some of the most significant changes you can expect to see in 2015.

Penalties for Individuals without Coverage

If you don’t have health insurance in 2015, you may owe the government money. According to Healthcare.gov, the fee you may owe will be equal to the larger of:

• $325 per person adult and $162.50 per child (maximum penalty of $975).
• 2 percent of the difference between your household income and filing threshold.

You won’t owe this fee if you qualify for an exemption. You may qualify for an exemption if:

• You are not required to file a tax return because your income is too low.
• The most affordable insurance policy available to you costs more than 8 percent of your household income.
• You were insured for part of the year and never went without insurance for more than two months at a time.

Employer Requirements

Beginning in 2015, most employers who fail to provide affordable, sufficient group health insurance coverage to at least 95 percent of their employees will owe the Employer Shared Responsibility Payment. In general, this provision will apply to employers with at least 50 full-time employees or a combination of part-time and full-time employees that the IRS considers equivalent to 50 full-time workers.

Cost of Coverage

According to the New York Times, people who bought policies under the Affordable Care Act in 2014 may experience a cost increase of up to 20 percent in 2015 if they keep the same plan. If you are in this situation, you will most likely be able to find a plan with a price similar to what you paid in 2014, but the plan’s structure may be different. In some cases, you may need to take on a higher deductible in order to stay in the same price range. Your new plan may also have different doctors, networks and covered services.

The Affordable Care Act affects nearly every aspect of healthcare in the United States, and the changes won’t end in 2016. Stay tuned to our blog to get the latest news on the ACA, as well as other topics affecting the health insurance industry.

*SOURCE: http://www.nytimes.com/2014/11/15/us/politics/cost-of-coverage-under-affordable-care-act-to-increase-in-2015.html?_r=0, https://www.healthcare.gov/fees-exemptions/exemptions-from-the-fee/, http://national.deseretnews.com/article/3170/what-to-expect-from-the-affordable-care-act-in-2015.html, https://www.healthcare.gov/fees-exemptions/fee-for-not-being-covered/