Obamacare Summary

Also known as the Patient Protection and Affordable Care Act or Affordable Care Act, Obamacare is a law that was originally signed on March 23, 2010, by President Barack Obama. On June 28, 2012, it was upheld by the Supreme Court. Although the law has been signed under the presidency of Obama, it has already been planned for decades by both political parties in the country, in coordination with the healthcare industry in general. The implementation of the new law is anticipated to be highly-beneficial for all Americans, although there are still many who find it to be an unwelcomed idea. To learn more about Obamacare, keep on reading and we will share with you some valuable insights that you should know.

Obamacare has the goal of being able to bring significant improvements to healthcare in the country. It is committed towards enhancing not only the quality of healthcare but also towards making sure that it will be more accessible for more Americans. Protections, rights, and benefits of every qualified individual have also been improved. It covers a thousand of pages stipulating reforms in healthcare and insurance, seeking to address rising costs. Exemptions and subsidies have also been identified in Obamacare.

Do You Need to Have Obamacare Insurance?

With Obamacare, you are guaranteed to enjoy financial assistance in case of medical emergencies. This will make it easier for you to settle medical bills and other related costs. This is more than enough reason for you to be convinced that you need it. More so, when talking about Obamacare facts, it should also be noted that opting for the insurance is not a choice, it is a legal obligation. It is a law, and hence, you are mandated to oblige or pay the corresponding Obamacare penalty if you choose not to carry insurance.

What happens if you do not have Obamacare? Well, you have to pay the corresponding penalty. The amount that will be paid by individuals will vary depending on their annual income and other conditions. This penalty is known as the individual shared responsibility payment. However, there are also exemptions. You can opt to not have an insurance policy if you qualify for the exemptions that have been mandated by the law, such as because of your income status, religious affiliation, or immigration status, among others.

Obamacare Cost

It is anticipated that by 2025, the overall cost is going to be at $1.027 trillion, which will cover the insurance-related provisions of the law. It is anticipated that it will allow 6 out of 10 Americans to have their insurance for a premium that is going to be less than $100. In fact, the average Obamacare cost for each individual is believed to be $82. It should be noted, however, that the costs will be influenced by a number of factors, such as income, size of family, and location, among others. In addition, Obamacare cost will also differ depending on the plan that will be chosen. The following are the plans that are available:

-- Bronze: This is the plan with the most affordable premium. Meanwhile, this also has the minimum coverage as it will pay out only 60% of your medical costs.

-- Silver: Under this plan, 70% of your medical costs will be covered.

-- Gold: 80% of your medical costs will be covered under this plan.

-- Platinum: This is the most expensive from all the types of coverage, but this is also the most comprehensive as it will cover 90% of your medical costs.

Subsidies for Obamacare

For those who are in the Federal Poverty Level, they might find the Obamacare cost to be too much for their income. With this, the government has introduced a number of subsidies that are available, making it possible even for the financially-challenged Americans to have the medical insurance that they deserve. For instance, there are premium tax credits that are available, which will effectively lower the premium that you will be paying. Subsidy can also exist in the form of Cost Sharing Reduction, which will help to bring down your out-of-pocket expenses.

What It Means for Businesses

When talking about Obamacare facts, it is also crucial to deal with how it will affect businesses. If you own a business with at least 50 full-time employees, you are required by law to pay for the coverage of at least 95% of your workforce, as well as their qualified dependents. The employers must provide the minimum individual coverage or the Bronze plan to their employees. Those who will not oblige with the stipulation of the law will be subject to penalty.

In summmary, Obamacare may indeed prove to be complicated, especially given its many provisions. Nonetheless, take note that it is a law, which is why it is your duty to be responsible to know Obamacare facts and how it will have an impact in your life as an American. Once you gain a familiarization of what it entails, it might be easier to see the brighter side of the law.