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What You Should Know About Obamacare 2014
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What You Should Know About Obamacare 2014

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A key requirement of the Affordable Care Act mandates that all Americans must have health insurance or they may face a penalty. Penalties are: …

A key requirement of the Affordable Care Act mandates that all Americans must have health insurance or they may face a penalty. Penalties are:

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  • 1. Still Need Health Insurance? What You Need to Know About ObamaCare
  • 2. If you are one of the many Americans that still doesn’t have health insurance, your last chance to take advantage of the Affordable Care Act, also known as ObamaCare, is just a few days away. Open enrollment ends: March 31st.
  • 3. • $95 per person • $47.50 per child • or 1% of an individual’s annual income penalty, whichever is higher. A key requirement of the Affordable Care Act mandates that all Americans must have health insurance or they may face a penalty. Penalties are:
  • 4. So, if you’re one of the millions of Americans that still hasn’t signed up for health coverage, there are a few key things you need to know about obtaining healthcare under the Affordable Care Act.
  • 5. • Under the Affordable Care Act, all plans must cover the ten essential health benefits, including mental health services, preventive care, and maternity care. • An insurance company can’t turn you down based on a preexisting condition. • Many people who buy insurance through the Affordable Care Act’s state- or federally-run places will be eligible for some sort of financial assistance. First, let’s start with the basic elements:
  • 6. If you’re an individual who earns $45,900 a year or less, or a family of four earning under $94,200 a year, then you may qualify for premium subsidies that can lower your healthcare costs.
  • 7. There are five types of plans: • Bronze • Silver • Gold • Platinum • Catastrophic While all marketplace plans essentially offer similar core benefits, the difference between the available plans concerns out- of-pocket expenses. Out-of-Pocket Costs
  • 8. • If you choose a “bronze” plan, you’ll have a lower premium, but you’ll end up paying more for medical services you may need. • If you were to choose a “platinum” plan, your premium might be slightly higher, but it will cover a greater amount when you receive services. Regardless of what plan you choose, all plans have a maximum out-of- pocket cost limit, which is no more than $6,350 for an individual plan, and $12,700 for a family. Out-of-Pocket Costs
  • 9. If going to a particular hospital or seeing a certain doctor is important to you, make sure they are in your provider network before purchasing a plan. In order to keep costs down, some health insurance companies are offering narrow networks in their exchange plans. This means that you have to do your research before you purchase a plan. Research the Provider Network
  • 10. If your preferred healthcare provider isn’t in the plan you choose, you can always go out-of-network for care, but depending on what plan you have, you’ll have to pay more or all of the costs. Research the Provider Network
  • 11. If you still have questions, the good news is, there is a lot of help! Every state has resources available to residents who need help enrolling in a health plan. If you need help, go to localhelp.healthcare.gov and enter your ZIP code to find assistance near you. Or you can call toll-free 1-855-355-5777 to speak to trained representatives who can answer any questions you may have. Research the Provider Network
  • 12. Healthcare.gov — The federal government’s official health insurance website. HealthLawHelper.org — A web-based tool from Consumer Reports that offers personalized guidance to help consumers better understand how they may be affected by the Affordable Care Act. Kff.org — The Kaiser Family Foundation, a nonprofit focusing on major health care issues, offers a treasure trove of information and helpful online tools, including an animated video on the Affordable Care Act and a health insurance subsidy calculator. You can also check out the following websites to learn more about the Affordable Care Act:
  • 13. Remember, the deadline to sign-up is March 31st, with coverage starting May 1st. The next open enrollment period will be November 15, to obtain coverage in 2015. You can sign-up for coverage after March 31st, but only under a special circumstance such as marriage, divorce, loss of a job, or birth of a child.
  • 14. Cost-U-Less Offers Health Insurance! Contact a Cost-U-Less representative today to find out more