Wednesday, 26 November 2014

All That You Need To Know On Obamacare 2.0 – Clearing Your Doubts

Posted at  06:07  |  in  Insurance

The Obamacare was passed way back in 2010 and this is the only law that requires all Americans to have health insurance or pay a fine. Although there are many Americans who get health insurance coverage from the employers, starting from November, 15th, consumers who presently have insurance through state online or federal marketplaces can again re-enrol. In addition to this, people who still need health insurance can also sign up for new health insurance coverage. There are enough subsidies available to help people who can’t afford coverage and some states have even expanded their Medicaid programs as a part of their law.

Last year, 2013, the federal website and some state-run websites, experienced several technical difficulties, thereby frustrating consumers who were desperately trying to sign up. Nevertheless, more than 7 million people bought insurance plans through the exchanges and about 8.7 million signed up for Medicaid and the CHIP (Children’s Health Insurance Program). Here’s what you may need to know about the coming enrolment period.

Do I have to do it again if I enrolled on the last year?

If you had to take no action but you got your plan last year on the federal marketplace, officials have reportedly said that you will be re-enrolled in your present plan. But since there’s a slight change in some plans and there are some new plans that are coming into the market, they’re actually encouraging people to go back on to compare and contrast the benefits and prices. You should also update your income information in order to find out if you qualify for financial help for purchasing coverage and to ensure that you receive the correct amount. This is because if your subsidy is too high, you will have to pay it back during the tax time.

2.      What should I do if I want to buy health insurance but can’t afford it?

Well, depending on your income, you might become eligible for Medicaid, which is the federal-state program for all the low-income people. Before the health law, in most states, non-elderly adults without children couldn’t qualify for Medicaid. But currently, states have an option to let the federal government pay the cost of expansion in the program so that even people with low income could be eligible for Medicaid. So far, almost 27 states and the District of Columbia have chosen to expand Medicaid.

3.      What if I make too much money to qualify for Medicaid but can’t afford a coverage?

If this is the situation for you, you might be eligible for government subsidies to help you pay for private insurance that are sold in the insurance marketplaces. Such premium subsidies will be available for families and individuals with income between 100% and 400% of the poverty level, or about $11,670 to $46,680 for individuals and $23,850 to $95,400 for a family of four. These subsidies are pegged to the federal poverty level and are generous for those who make the least amount of money.

Hence, if you have any doubt about Obamacare 2.0, the concerns of this article will indeed help you out.

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Jimmy Simond is founder of he share his immense knowledge of finance in this blog. You can follow him on Google+.


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