Veteran Options Under The Affordable Care Act

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The Federal Savings Bank informs veterans on new legislation with regard to the Affordable Care Act.

VA and FHA home loans at The Federal Savings Bank

The Federal Savings Bank

About 40 percent of the country's 22.3 million veterans get their healthcare coverage through the Veterans Health Administration.

The Federal Savings Bank wants veterans to know that recently, the The House Committee on Veterans' Affairs voiced some concerns over the amount of options that veterans will have under the Affordable Care Act. Officially going into effect on January 1, 2014, the act requires all citizens to have insurance or else receive a fine.

According to NPR, the committee is worried that veterans who are enrolled in VA health coverage will have an unfair disadvantage in the new health insurance marketplace. However, a Treasury Department official claims that veterans will actually have more options rather than less.

The Affordable Care Act and the Veterans Health Administration of the Department of Veterans Affairs provide healthcare and benefits for veterans. Someone who gets healthcare through this VA system does not have to purchase any other coverage in order to satisfy the ACA's requirement for insurance, NPR reported.

However, if they want to, veterans have the choice of signing up for coverage on the state-based marketplaces as a supplement to their VA coverage. The only restriction is that veterans with VA healthcare can't get premium tax credits on these marketplaces.

Healthcare is inextricably linked to personal finances, and if veterans are fined for noncompliance with the regulations, it could affect their ability to take out a VA home loan or make a new home purchase. Talk to the Federal Savings Bank if you're interested in getting help with organizing or planning your finances.

As reported by Kaiser Health News, about 40 percent of the country's 22.3 million veterans get their healthcare coverage through the Veterans Health Administration.
One veteran, Mike Sage, told the source that his wife doesn't qualify for VA healthcare, so they will need to utilize their options. "As long as I'm not subject to a penalty [for not having insurance], we'll do some comparative shopping for her," he said.

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