What Happens Jan. 1, 2014?

The Patient Protection and Affordable Care Act (more commonly known as Obamacare), signed into law March 23, 2010, requires health coverage providers to cover an individual as long as the premiums are paid, regardless of whether the individual has a preexisting condition. Insurers are also prohibited from setting different premiums for people based on their health status.

A key provision of Obamacare that takes effect on Jan. 1, 2014, is the requirement for most Americans to have health insurance or pay a penalty by filing U.S. income taxes in 2015. In 2014, that fee will be $95 per person or 1% of household income, whichever is higher. The fee increases in subsequent years.

If someone cannot get affordable health coverage through an employer, marketplace or other source, he or she may qualify for Medicaid, Children’s Health Insurance Program (CHIP), a subsidy to buy private coverage or possibly an exemption.

Other provisions of Obamacare taking effect on Jan. 1, 2014 include:

No Lifetime Limits: Health insurers are prohibited from setting annual or lifetime limits on what they will cover.

Free Preventative Care: Preventative services such as immunizations, wellness visits, and mammograms must be provided without a deductible or coinsurance under most plans.

Coverage of Young Adults: Adult children will be able to stay on a parent's health insurance until they turn 26.

Elimination of Gender Discrimination: Health insurers will no longer be allowed to charge women more for the same coverage as men.

The law, passed at the end of President Barack Obama’s first term, has become highly politicized. Republicans want to repeal the law and are likely to make that a major issue in the 2014 midterm elections.