Is ObamaCare Like the Hotel California?
I was told if you sign up for Obamacare you are signing your house over if you have one, and also they have access to your bank account? I was also told once you get on it you can never get off if it, is this true? Can you please help me.
Answer
ObamaCare is a nick-name for a law that crates a health insurance exchange with cost assistance. You can check out anytime you like and can leave whenever.
No one is going to take your house, your bank account, or any of your assets (beyond your premium payment when you pay it). Actually if you don't have insurance, then the hospital bills that go unpaid can lead to bankruptcy and that can mean losing your house. So in a way ObamaCare can actually protect your house and bank account.
If you don't get coverage or take tax credits and can't repay them the IRS can only withhold your refund, they can't use fines, levies, or jail-time to get you to pay.
You should 100% look into enrolling and should do so before April 15th at the latest. It's cool and it's about helping ensure people can afford coverage and have access to health insurance. There is nothing nefarious. Feel free to ask follow up questions. Learn more about ObamaCare myths here.
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I could be misinformed but my understanding that with the ACA legislation, insurance companies were held to specific profit limitations (20% seems to stick in my mind). For me this was one of the more interesting and positive aspects to the law however …
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If this is correct who responsible on this oversight and where is this information obtainable?