Welcome to Our Affordable Care Act Page

As most of you know, the Affordable Care Act is probably more commonly known as Obamacare. So named for the legislation signed into law on March 23, 2010 by President Obama.

This page will provide information and links to sites that can help you select the best plan for your healthcare needs.

 

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Healthcare Subsidies

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Click Here to see if you are eligible for Lower Cost Premium Subsidies

The Patient Protection and Affordable Care Act (Obamacare)

Free Helpful Information About Healthcare.gov

 

healthcare.gov; Go to Healthcare.Gov

The Patient Protection and Affordable Care Act, probably better known as “Obamacare” was signed into law on March 23, 2010. The law is intended to provide more accessible, and in some cases, more affordable health insurance.

 

Click Here to see if you are eligible for Lower Cost Premium Subsidies

 

Click This Link: if you need help filling out the forms

 

Tax Info You Need To Know About the Affordable Care Act

 


How ObamaCare Affects Seniors

Elderly Couple RetirementIf you are on Medicare then you don’t need to do anything.

Medicare is an approved government healthcare plan.

But there are some taxes and regulations that might affect you.

Click Here for Tax Info about the Affordable Care Act.

Tax Info You Need To Know About the Affordable Care Act

Keep in mind that Medicare doesn't cover everything.

Medicare is a 80-20 plan which means you are responsible for paying up to 20% of any covered procedure.

Click Here to see if you are eligible for Lower Cost Premium Subsidies

 

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If You Choose To Buy Medicare

 

If you did not work, and did not pay into Medicare, you can buy Medicare Part A, but it will cost you up to $426.00 per month in 2014. (Reduced to $407 in 2015.)

You may qualify for assistance from your state to offset this cost based on your income and other factors.

If you buy Part A, you must also buy, and pay the premium for, Part B as well. For more info about Part A and Part B premiums call your local Social Security Office 1-800-772-1213.

It might be cheaper to consider an Affordable Care Act approved plan from your state exchange than buying Medicare outright.

Click Here for a short video on "How to Sign Up For The Health Insurance Marketplace

 

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How Does The Affordable Care Act Work?

How Much Do You Pay? What Coverages Are Available?

 

There is an annual open enrollment period for the health insurance marketplace each year.  

This year open enrollment 2015 runs from November 15th, 2014 to February 15th, 2015.

You can apply for Medicaid and CHIP 365 days a year.

 

The Patient Protection and Affordable Care Act has four parts.

  • Bronze Plan - Pays 60% of covered expenses you pay 40%
  • Silver Plan - Pays 70% of covered expenses you pay 30%
  • Gold Plan - Pays 80% of covered expenses you pay 20%
  • Platinum Plan - Pays 90% of covered expenses you pay 10%

Your premiums and deductibles will be based on your age, income, household size, etc. You may qualify for subsidies to assist you in the purchase of some plans.

Subsidies are based on income.  In most states anyone making under 400% of the federal poverty level (FPL) can get some type of subsidy.

The only way to get subsided insurance is by enrolling in the health insurance marketplace.

IMPORTANT: Click Here to see if you are eligible for Lower Cost Premium Subsidies


Your out of pocket expense for each plan is based on three things:

  • Your Deductible – the amount you owe for services before coverage begins;
  • Your Copayment – a fixed amount you pay for a covered health care service; and
  • Your Coinsurance – your share of the costs of a covered health care service.

For example, if you need a surgery costing $5,000 and you had a 70-30 Silver Plan.

You would first have to meet the deductible defined in your plan before any insurance would be paid.

Let’s say your deductible is $1,000.

After you pay the $1,000 out of pocket deductible the balance for your surgery would now be $4,000.
Next, you would owe 30 percent of the remaining covered costs of the surgery.

Thirty percent of $4,000 would be $1,200 so your total out of pocket expense for the $5,000 surgery would be $2,200. The $1,000 deductible plus the 30% - $1,200.

If you had already met your $1,000 plan deductible for the year then your out of pocket would only be $1,200.

Click Here for a short video on "How to Sign Up For The Health Insurance Marketplace

Click Here to see if you are eligible for Lower Cost Premium Subsidies

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What is the Penalty for Not Having Health Insurance?

 

Penalty for not having health insuranceThe fee for not having a government approved healthcare insurance plan in 2015 is $325 per adult and $162.50 per child (up to $975 for a family) or 2% of your taxable income, whichever is greater.

NOTE: The maximum penalty cannot exceed the national average yearly premium for a bronze plan. Also note the fee is 1/12 of the total fee, per household member, for each month they go without coverage.

According to the Congressional Budget Office: Almost 90% of the 30 plus million Americans without insurance will not pay the penalty for not having insurance in 2016, mostly due to exemptions.

Click Here for a short video on "How to Sign Up For The Health Insurance Marketplace

Click Here to see if you are eligible for Lower Cost Premium Subsidies

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How to Avoid ObamaCare Penalty Fee in 2015

 

To avoid the penalty you must obtain and maintain minimum essential coverage during open enrollment and maintain it throughout the year, or get an exemption.

If you miss the deadline for open enrollment you’ll have to wait until the marketplace opens again to get covered unless you qualify for a special enrollment period.

Click Here for more information about Exemptions from the fee for not having health coverage

Click Here to see if you are eligible for Lower Cost Premium Subsidies

Tax Info You Need To Know About the Affordable Care Act

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What if I buy an individual plan outside the Marketplace? Will I have to pay the fee?

 

Any plan that qualifies as minimum essential coverage counts.

This is true if you buy a plan through the Marketplace, directly from an insurance company, from a commercial online service, or through an agent or broker.

Before you buy, be sure that the plan you’re interested in qualifies as minimum essential coverage.

Click Here for a short video on "How to Sign Up For The Health Insurance Marketplace

Click Here to see if you are eligible for Lower Cost Premium Subsidies

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Photo Credits:
Some images courtesy of Ambro at FreeDigitalPhotos.net
 

 

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