President Obama’s re-election is definitely going to improve your financial future with various schemes and policies. One of them is ObamaCare. We have heard much about ObamaCare, let’s now understand comprehensively how ObamaCare works for you, your business and your family. Insurance Exchange Pool is going to open in 2013 and we really need to know how exactly this policy works. You need to take a call whether you want to buy a healthcare plan from online marketplace which is called health insurance exchange pool or you want to keep your current healthcare plan.
You can have healthcare insurance cover through the healthcare insurance exchange pool.
The exchange for businesses is going to open on the 1st of October , 2013, which will sell coverage that begins from the 1st of January 2014. If your income is from $15,302 to $46,021 as an individual and $31,155 to $93,700 as a family of four, you will qualify for the discount and help for the payment of the premium. That is not enough, you can 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.
How to Purchase ObamaCare?
It will start from the October of 2013 for the coverage beginning from 1st of Jan, 2014. You can still buy insurance cover on your own through a broker or directly from the insurance companies. You can also use the new state-based health insurance marketplaces. These exchanges will provide you the same facility. But there are a few advantage of the online marketplace. The most prominent and important point in online marketplace is that you can make side-by-side comparisons of all the plans without anybody’s help. You can use the calculators available on the site and compare innumerable plans at your desk. The second advantage is that you may qualify for the discount in the form of tax credit.
If you don’t have any insurance through the workplace privet insurance, you can purchase a cover from your state marketplace. You can use the coverage if your insurance at work is costlier than 9.5% of the income. You can use the same if your employer’s plan does’t meet the minimum standards laid down by the law.
So this is how ObamaCare works, we will talk about the detail process of Marketplace in subsequent articles.