Tax Tip of the Week | No. 247 | The Affordable Care Act's Impact on Ohio
Tax Tip of the Week | April 23, 2014 | No. 247 | The Affordable Care Act's Impact on OhioAn update from the Ohio Society of CPAs....
Preliminary numbers are coming out about the impact of the Affordable Care Act and what it means for Ohio.In a nutshell: costs have gone up. According to Ohio Lt. Gov. and Ohio Department of Insurance Director Mary Taylor, CPA, premiums went up by 41% on average in Ohio’s individual market and by 18% in the small group market. The increases don’t account for federal subsidies that might be available, but still underscores the impact of the law on Ohio’s insurance market.The federal government reports 7.1 million Americans have signed up for health care insurance. However, most insurance companies are saying 10-20% of those sign-ups have not yet paid their premiums.In addition, many were already insured, meaning the impact on the uninsured population isn’t as great as many had hoped.“The numbers on this issue are all over the map right now,” said Ohio Department of Insurance Communication Director Chris Brock. “In February, McKinsey and Company put the number of previously uninsured people signed up for Obamacare at 27%. Most likely that number will change as new data comes out, but that’s a really low number considering there are 40 to 50 million Americans without insurance that the law was supposed to help.”
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