How does obamacare work for me gas 1940


The federal government manages the exchanges in about half the states. The remaining states have either created their own exchanges or partnered with the federal government. You’ll find out when you apply. (Source: " The Feds Will Run Most Exchanges," The Washington Post, February 18, 2013.)

If you had your plan before March 23, 2010, Obamacare allows you to keep it even if it doesn’t comply. That means your policy might not have the 10 essential benefits. Many of those plans were " grandfathered in" and are exempt from Obamacare. But your policy may have been canceled by the insurance company or by your employer. Obamacare’s real promise is that if you lose your health care plan, you can get a new one. No insurer can turn you away because of health or age, and you’ll be able to get financial help if you need it. Those are just some of the 14 ways the ACA protects you.

I Have a Company Plan – You can keep it. You still may want to comparison shop on the exchanges. Some companies might find it more cost-effective to pay the penalty, knowing their workers can get coverage on the exchanges. Others found out their plans didn’t provide the 10 essential benefits. In fact, 3 million to 5 million employees might lose their existing policies for this reason. (Source: " The Effects of the Affordable Care Act on Employment-based Health Insurance," Congressional Budget Office, March 15, 2012.)

I Have Private Insurance – If it’s an individual plan you bought yourself, you can keep it. But compare it to the plans on the exchanges to see if you can get better coverage at a lower price. You might also qualify to get subsidies if you buy a policy on the exchange.

I Have Catastrophic Insurance – You can keep it. You may want to shop for a full-coverage plan on the exchange. But if you give up your catastrophic insurance you won’t be able to go back. All insurance purchased after January 1, 2014, must have minimum benefits. Catastrophic insurance will only be available in certain circumstances.

I Have Other Insurance – You can keep most other plans. These include retiree plans, CHIP, TRICARE and other veterans’ health care programs. You can also keep Peace Corps Volunteer plans. See qualifying health plans here. I Don’t Have Insurance

I Can’t Afford Insurance – If your income is 138 percent or less of the federal poverty level, you qualify for Medicaid if your state agreed to expand coverage. If your state didn’t offer expanded Medicaid, you wouldn’t have to pay the tax. Find out more about Medicaid. See if you qualify for Medicaid.

I’m Unemployed – If you have COBRA, you can keep it. But you may want to shop the health care exchanges to see if you can get a better deal. If you have no insurance, you may qualify for Medicaid or subsidies, depending on your family’s income.

I Don’t Want Insurance – You must pay the tax, as well as any health care costs. If you remain healthy, that’s great. But keep in mind that the average emergency room visit is $1,265, while a broken leg can cost twice as much. Cancer treatment can cost $30,000 ($7,000 for chemotherapy alone). Like homeowners or car insurance, health insurance is designed to protect your life savings. Those are just some of the reasons why health coverage is important.

50 or more employees – You must provide affordable health insurance that provides minimum value. Otherwise, you pay a tax of $2,000 per employee (for all but the first 30 employees). If a worker finds a lower-cost plan on the exchange, you may be taxed.

If you offer health insurance as a benefit to early retirees ages 55 to 64, you can get federal financial assistance. Here are more resources to help small businesses comply with Obamacare. (Source: " The Healthcare Law and You," I’m a Member or Staff of Congress

You must get health insurance through the exchanges. It replaces the government-provided health insurance you had before. You will continue to receive $4,900 ($10,000 for families) to help pay for your coverage. (Source: " Members Only," The Wall Street Journal, August 8, 2013.)