Millions of American began asking “How does Obamacare work?” in 2010, when President Barack Obama and Congress signed Obamacare into the law because he wanted to make sure all citizens of America were able to get affordable health insurance by bringing down the cost of health care and also reducing the escalating cost of Medicare and Medicaid.
Obamacare gives a mandate that ensures everyone gets health insurance and also pays their taxes. It offers middle class family subsidies, patient protection and affordable medical care. It meets the needs of low income earners with Medicaid by taxing health care providers and high income earners.
With the high cost of health insurance, the federal government offers financial assistance by subsidizing insurance to people shopping for insurance on the public exchange.
Before the Government will send direct payment to your insurance provider in advance, some factors have to be considered in knowing how much subsidy can help you and if your present situation qualifies you for this offer.
How does Obamacare Work If you employer gives health insurance
They are certain requirements needed to be met by your employer before they can offer such coverage, if your work firm has less than 50 employees, your employer is not expected to offer coverage. But you can still for your own coverage and receive Obamacare subsidies in such case.
How to qualify for Obamacare
To know if you are qualified for tax subsidies when applying for Obamacare, you have to evaluate you total income for the upcoming year. To be eligible for premium assistance, if after evaluating on your income and it is between 100% to 400% of the poverty threshold, then you are qualified. But if it’s higher than that, then you would be hook for full cost premium on your insurance plan unless you are ready to go without insurance and pay an Obamacare penalty when filing for your taxes.
How does Obamacare work f it shows your income is lower than the present poverty rate for your family capacity? In that instance, you can’t receive premium assistant because you a qualified for Medicaid but you have to apply first.
How does Obamacare work if you are making more money than you estimated? You will have to pay back some of the received assistance. And if you probably make less, you might get an extra subsidy. You will discover this when you file for you tax.
Now with all this little research into your financials, you would be able to know if you or your family qualifies for an assistant and what coverage to shop for, that would be stress free and affordable to you due to you present condition.
That’s the answer to, “How does Obamacare work?”