How does ObamaCare work? With the Insurance Exchange Pools opening in 2013 the question on our minds is, "How does ObamaCare work for me, my family and my business." The first thing you need to know about ObamaCare (The Affordable Health Care Act) is that you will either need to decide to keep your current insurance plan or purchase an insurance plan through an online marketplace otherwise known as an health insurance exchange pool.
Don't just assume you like or dislike Obama's Health Care Reform under the Affordable Care Act based of of what other people say. Find out the facts about Obamacare works for you, your family and your business.
Health insurance will be made available through the ObamaCare Health Insurance Exchange Pool. The exchange is a group of health insurance providers that will offer coverage. You will choose the provider you want for you, your family or business based off of who offers the most attractive package in regards of affordability and quality of coverage.
The exchange pools are meant to be competitive so this will help drive the quality up and cost down. Consumer Reports has provided a great breakdown of how to buy ObamaCare, we have provided this information on our site to help you better understand what the Affordable Care Act means for you. Tax credits and up-front assistance will be avaiable to low and middle income Americans and small businesses.
Here is what Consumer Reports says about Obamacare, "Online insurance marketplaces. Beginning January 1,
2014, individuals, families, and small business owners will be able to shop for health insurance in online marketplaces, similar to travel websites. These marketplaces,also called "exchanges," will make it possible to easily compare and buy private insurance and determine if you qualify for financial help.
The marketplaces will be open for business October 1, 2013, selling coverage that begins January 1, 2014. You may qualify for discounts to help pay for premiums if your income is from $15,302 to $46,021 for an individual and $31,155 to $93,700 for a family of four. You can also find out if you qualify for extra subsidies to help with out-of-pocket costs or for government programs such as Medicare, Medicaid and the Children's Health Insurance Plan.
For coverage beginning January 1, 2014, a new way to buy insurance will be available in October of 2013. You will still be able to purchase insurance on your own directly from an insurance company or through a broker.
But you will also be able to use the new, state-based health insurance marketplaces, which are also called exchanges. There are two big advantages to using the online marketplace.
One, you can make side-by-side, "apples-to-apples" comparisons of all the available plans, and use an online calculator to find the best buy.
Two, you may qualify for an up-front discount in the form of a tax credit to help pay for your premiums, and you might also get help with your out-of-pocket costs.
Anyone without insurance through work can purchase private health insurance from the insurers participating in your state marketplace. And, you can also use it if your coverage at work costs you more than 9.5 percent of your income, or if your employer's plan does not meet the law's minimum standards.
The online marketplaces will be open for business starting October 1, 2013, offering coverage that starts January
1, 2014. States must decide whether to build their own or partner with the federal government. Some states will end up choosing to let the federal government run their online marketplaces.
• You'll be able to easily compare and purchase health plans offered by private insurers, and in some states, co-ops of doctors and nonprofit organizations that meet state insurance regulations. You will be able to choose among plans with higher or lower deductible and co-pays, and higher or lower premiums.
• A streamlined "one stop" process will let you fill out one application to find out if you qualify for premium discounts, subsidies for out-of-pocket expenses, or coverage under programs such as Medicare or Medicaid.
• In many cases, in a single session you'll be able to receive an eligibility determination and enroll in a health insurance plan that's right for you or your family.
• You will also be able to update any changes that might affect your eligibility (including marriage, divorce or a job change) and to keep your coverage from year to year through the exchange.
Now that we've answer, "How Does ObamaCare Work?", we'll talk about how you can get help paying for ObamaCare. Check out our section on ObamaCare assistance for more information on the Cost of Obamacare.