The affordable care act (PPACA) went into effect in 2009. Most people didn’t feel any change for the first few years.

However, on January 1, 2014, the individual mandate was enacted. This was meant to incentivize the uninsured to acquire either individual insurance, coverage through their employer or coverage through the “market place”. For those that chose not to insure, a penalty was imposed. This did not amount to a great deal of consequence as it was a low fixed dollar or low percentage of annual “household” income.

The end result was that there were more expenses incurred than there were premium and penalty dollars brought in. So, each year, if you want to look at the ACA timeline – you will see each year the provisions that are being enacted.

There are employer reporting requirements for 2015 (effective 2016, IRC Sections 6055 and 6056); upcoming in 2018, there’s the “Cadillac” tax, discrimination guidelines and new carriers in the marketplace.

At this point, I encourage anybody and everybody to reach out to an independent agent that can sit down and review all of your options and help you make choices based on the benefits appropriate for your health and the premiums that are comfortable for your budget. I also encourage you to work hand in hand with your CPA if you are a business owner.