If your employer drops your healthcare insurance coverage and you have to buy your own plan, you would no longer be able to pay your premium with pre-tax dollars. Effective in 2014, if your employer stops offering coverage, you will be able to purchase a plan on the health insurance exchanges in October 2013 in every state. There will be subsidies available to people with incomes up to 400 percent of the federal poverty level ($92,200 for a family of four in 2012) to help make coverage more affordable. The subsidy has to be approved after submitting an extensive 18-22 page application.
Information about the Patient Protection and Affordable Care Act is available at:
“The thoughts and opinions expressed in this article are not to be taken as legal advice. The ACA changes on a daily basis and the material covered is a reflection of the author’s research into the bill on a given day. While every attempt is made to communicate with accuracy you should consult your lawyer or CPA for advice on how the ACA will affect you and your situation.”