Is Obamacare a Rip Off or an Affordable Option?By: Nanette Haz - October 6, 2013
Many people are asking themselves this question after logging in to view the rates on the Healthcare Marketplace. Several states received so many visitors that technical problems occurred on the server. The majority of people who are interested in obtaining health coverage through Obamacare are those who are currently unemployed, underemployed, not insurable with traditional providers due to their past health history, feel coverage is too expensive, or have recently lost their coverage due to losing their job.
People who earn less than $33,000 and have a family are considered to be at the poverty level. Some people will qualify for Medicare or Medicaid instead of Obamacare based providers depending on which state they live in. The Subsidy Calculator is a quick tool that helps users identify if there is a tax subsidy available via the state based exchange. The annual cost of the most affordable plan based on personal income will be displayed. If higher levels of coverage are needed they are available through silver, bronze, or the gold plan.
The Obamacare health insurance deductible is not always low. Many people are shocked at the amount of copayment for a simple doctors visit. The amount of a copayment is always cheaper than being responsible for the complete bill. A study conducted by Harvard mentions that being injured or having a lengthy illness leads to an increased risk of filing for bankruptcy.
Those with preexisting conditions don’t have to cross their fingers during the sign up process. Adults and children who spend time each month in the hospital or in a clinic due to ongoing chronic health issues can apply. The Obamacare law eliminates preexisting conditions as a factor for being denied insurance coverage.
Americans that skip over the health insurance offered who do not have a policy with their employer or through another issuing agency will be fined $95 for a single person. The $95 is a bit shocking, however it gets worse. Families will pay $285 or 1% of income of course whichever is higher in 2014.
2015 – families $975 or 2% of your income whichever is greater
individual $325 or 2 % of your income
2016 – families $2085 or 2.5% of income whichever is greater
individual $695 or 2.5% of income
Government workers are not going to make contact to inquire about not accepting the insurance. Anyone who does not pay the penalty will have the money taken from their tax return. This fee only applies to people who do not have health insurance, Medicare, or Medicaid.
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