The Obamacare that offers a positive side of insurance
Obamacare is the name people use to define the sweeping health reform law that begets new protections and responsibilities for everyone and that includes employers, insurance companies, and individuals.
Does the employer have to offer health insurance?
It’s not necessary but if your employer has at least 50 full-time workers then they could get hit with penalties but if the company doesn’t offer workers and their families covered under the law, that is considered affordable and meets its minimum value. Health insurance is considered affordable if the employees share of the premium for individual coverage costs not more than 9.5% of his or her household under the Affordable Care Act. Workers can look for a plan on the health insurance marketplace if an employer plan doesn’t meet those standards and they may qualify for premium tax credits if their income is less than 400% of the federal poverty level. If an employee works at least 30 hours per week are considered full time according to the law. In order to stay under the 50 full-time employee beginning for penalties, some people have fretted that employers would cut workers’ hours.
What will happen if I don’t have health insurance?
Probably you’ll have to pay a penalty next year when you file your taxes if you don’t have any insurance coverage. One of the most controversial parts of Obamacare is the requirement to have insurance or pay a fine. Many experts on health policy says that without it, the health insurance marketplaces might magnet too many people who have expensive medical needs and not enough healthy folks. Insurers would balk at the requirement the law imposes on them if that happened, and one that’s very popular with consumers to accept everyone who wants insurance, regardless of their health.
What will happen if a person can’t afford health insurance?
One of the state marketplaces created by house Obamacare when buying health insurance, chances are you’ll get financial help to cover the cost of your monthly premiums and possibly your out-of-pocket expenses like copayment and deductibles as well. If people have incomes between 100% and 400% of the federal poverty level then the premium tax credits are available because the marketplace calculates your tax credit based on the price of the second lowest cost silver-level plan in your area and your financial contribution. But if your income is below 138% of the poverty level and living in one of the 32 states that have expanded Medicaid to cover adults without children may qualify for the program. Luckily, you don’t have to sort all this out on your own. The system will first check your eligibility for Medicaid once you log onto your state marketplace website and do the math to show how much you could qualify for in subsidies. You have to buy a silver-level plan to be eligible when your income is between 100% and 250% poverty level, you may qualify for cost-sharing subsidies copayment or insurance limit on your plan.