Mighty Healthy: 15 Things About Obamacare You Should Know

Ready or not, here it comes—Obamacare. The Affordable Healthcare Exchanges begins tomorrow (10/1). Are you ready?

Enrollment in the exchange will provide a new way for Americans to shop for health plans. If you don’t get your coverage from your parents, employer, Medicare, or Medicaid, then this is for your attention and usage. The debate on whether Americans are actually enthused about this idea has been debated on the floor and on your iWhatevers.

If you’ve decided to buy in to the concept, or even just want to see the exchanges offered by your state or the federal government — here’s a primer on the Obamacare plan, calculating costs, and more.

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How will buying through an exchange be different?

Individual consumers will be able to go online to make smart comparisons of various insurance policies. Simple click, pick a plan, and enroll.

Each state, and the District of Columbia, will have a health insurance exchange that will run like Expedia or in laymen’s terms — easier. States such as New York and California will run their own exchanges, with varying costs and companies.

Florida and Texas will be run by the federal government. For information on your state, log onto HealthCare.gov and follow the prompts.

You’ll be asked for some personal information.

Your age, the ages of other household members, zip code, marital status, and so on will need to be entered in order to see your plan options. You won’t have to answer questions about your health status, and The Affordable Healthcare exchange will not charge you more for pre-existing health conditions.

Many uninsured Americans are eligible for premium assistance.

If you haven’t thrown away your 2012 tax forms, you can use your household’s Adjusted Gross Income (line 37 on Form 10-40) to find out if you can be approved for a government-funded discount. Finding plans for less than $100 per month makes joining the exchange better than certain unions for respected industries. If interested in doing the math to see how much your premium assistance is, please use the Kaiser Family Foundation’s free Subsidy Calculator.

Small businesses won’t be able to shop until November.

This is specifically important for major cities with a healthy small or indie community. Due to small delays in the functionality of different marketplaces, consumers won’t be able to see their subsidies until November. Those who choose the federally-run marketplaces, small business will have to wait to shop for exchanges until November.

Obamacare won’t be offered everywhere.

The insurance marketplaces, and the subsidies that go along with them, will be available in every state and the District of Columbia. For those looking at the Medicaid expansion, only 26 states are likely to participate in it come January. So, if you’re poor and in a state that hasn’t accepted the Medicaid expansion, you’re plum out of luck.

Enrollment ends on January 2014.

Beginning tomorrow (10/1), enrollment ends March 31, 2014. If you pick a plan by Dec. 15, 2013, your coverage begins on Jan. 1, 2014. But if you’re one of those late to the party, you will be required to pay a tax penalty next year to the IRS — to the tune of $95 per individual, $285 per family.

Keep playing with Doctor Sam and that fine rises to $325 per individual, $975 per family in 2015. You’ll only be able to apply for insurance if you experience a major life change.

You’ll have access to the same standard benefits.

Whether this makes you excited by all your Affordable Healthcare exchange options, or not, is your call. Americans will be able to have free preventative care, clear out-of-pocket limits, and more. Even though the proposed website is hard to navigate, it is pretty simple to make choices one you comprehend how the plans are structured.

The Affordable Healthcare Act is for those who cannot afford it previously.

For the 20 percent of Americans who don’t bring home the paycheck or just wait until they get sick to get insurance, you can get insurance through Obamacare. If you make more than the federal poverty line, but less than four times the poverty line ($94,200 for a family of four), can buy subsidized insurance on the marketplace.

The Congressional Budget Office claims that 14 million uninsured Americans (with pre-existing conditions) will be able to purchase the coverage they need. By the end of the decade, who knows how many people will be healthy?!

You’ll be able to pick your own company.

If you’re into looking to see how your options will be different depending on your state, you can choose from multiple insurance companies. By using the Easy Index by Consumer Finance site NerdWallet, you’ll be able to see the rank of companies listed by customer service, available technology support (online bill pay) and the size of the provider network.

No Internet, No Schminternet.

Toll-free call centers will also be available, with trained human experts, to detail your options and enroll you in health coverage.

For information, call 1-800-319-2596. The line is open 24 hours a day, seven days a week.

26 million Americans could qualify for a subsidy.

Used to help defray the cost of their insurance premium, interested parties can check to see if they’re eligible for federal tax subsidies. If you earn less than 400 percent of the poverty level — about $46,000 for an individual; $90,000 for a family of four — you may qualify for a subsidies which kicks in next year.

Low income residents in states that plan to expand Medicare under Obamacare will qualify for free or low-cost healthcare through the federal program for the poor. If you earn under $30,000 a year for a family of four, log into HealthCare.gov to check out the Children’s Health Insurance Program.

Plans come in tiers and will cover 10 different essential benefits.

To aid in simplifying the Obamacare process, insurers will offer four standardized insurance plans — designated bronze, silver, gold, platinum. Olympic and rap jokes aside, each will allow buyers to access 10 categories of essential benefits such as emergency service, prescription drug coverage, mental health treatment, and preventive care.

Bronze (60 percent of medical costs), silver (70 percent), gold (80 percent), and platinum (90 percent) will cover a range of plans and offer their own standard premiums.

The Small Business Health Options Program aims to help the common man.

If you have fewer than 50 workers on your staff, you’ll be able to shop for coverage to benefit the employees you currently employ. This is a part of the healthcare exchanges that will help the small business man — not only in premiums, but also in administrative costs.

SHOP allows small employers to bargain with insurance coverage as a group and will lower annual premiums for business by 1-4 percent. On the flip side of things, small business won’t be able to enroll directly on 10/1, without the aid of an insurance agent. Small businesses will be open to purchase exchanges on Nov. 1.

For more information: HealthCare.gov, 1-800-318-2596.

How much will I pay out of my own pocket?

That number remains to be seen, but out-of-pocket costs in Medicaid equate to almost nothing. With the four different levels of insurance coverage corresponding to the amount of health costs that cover the applicant, it seems the lower your level of coverage, the more you’ll pay out of pocket.

Politicians aren’t the only ones pushing Obamacare.

The decision is still unclear whether the Affordable Care Act is a good thing or not. At least one thing is for sure: the amount of funny videos to watch during the workday has increased. Whether it was Jay Pharaoh and Aaron Paul trading quips on Saturday Night Live, or the “Scandalous” clip, which features Jennifer Hudson — Hollywood wants you to seek out what the ACA is all about.

Are you pro-Obamacare or nay? Share your thoughts in the comments section below!