The ObamaCare latest
news website featuring a basic overview in simple to understand
terms of what you need to know about how Obamacare affects you...
Update: The period of time during which individuals who are eligible
to enroll in a Qualified Health Plan can enroll in a plan in the
Marketplace. For 2014 coverage, the Open Enrollment period ended March 31,
2014. The Open Enrollment Period for 2015 coverage is November 15, 2014 Ė
February 15, 2015. Individuals may also qualify for
Special Enrollment Periods outside of Open Enrollment if they experience
certain events. You can now
get Marketplace coverage for 2014 only if you qualify for a
Special Enrollment Period or are applying for Medicaid and CHIP.
Affordable Care Act. (Obamacare)
Everyone must have health insurance in 2014,
or pay a tax. Health insurance exchanges will be open for
enrollment October 1, 2013. Coverage will start on January 1, 2014. Some exchanges will
be run by states, and some by the Federal government.
Open enrollment through the exchanges ends March 31, 2014. If you
don't have insurance by then, you will be subject to the tax unless
certain conditions apply.
Americans who already have health insurance, the only changes
you will see under the law are new benefits, better protections from
insurance company abuses, and more value for every dollar you spend
on health care. If you like your plan you can
keep it and you donít have to change a thing due to the
health care law.
Bowing to pressure, President Barack Obama on Thursday announced
changes under his health care law to give insurance companies the
option to keep offering consumers plans that would otherwise be
pre-existing conditions can no longer be excluded (children
in 2010, adults in 2014). Health insurance companies can no longer
drop those who get sick. Parents can put their
children, up to age 26, on their plans. However, if your plan
began before March 20, 2010, then it might be "grandfathered in,"
and not have to provide all these benefits.
If You Can't
Afford Insurance Medicaid will be extended to those who earn
up to 133% of the Federal poverty level. That's $15,281 for an
individual, or $31,321.50 for a family of four in 2013.
If You're a Business
The mandate to provide health
insurance for your employees has been postponed to January 1, 2015.
If you have 50 or fewer employees, you are eligible to look for
better employee coverage on the SHOP exchange starting October 1,
If you have Medicare:
The "donut hole" gap in coverage will
be eliminated by 2020.
If you live in
a state where you are eligible for Medicaid, but the state won't
give you coverage, you won't have to pay the tax if you can't
get insurance. Those who earn too much for Medicaid will receive tax
credits if their income is below 400% of the poverty level. In 2013,
that's $45,960 for an individual, or $94,200 for a family of four.
The credit is applied monthly, rather than as an annual tax rebate.
If You Don't Get
Insurance by the end of open enrollment (March 31,
2014) you won't be able to get insurance through the exchanges. The Obamacare ruling allows the IRS
to tax you 1% of adjusted gross income (above the taxable minimum
income), but no less than $95 per adult/$47.50 per child in 2013.
These taxes rise in 2015 and 2016.
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