All you need to know about ObamaCare

President-elect Barack Obama - Photo by Pete Souza

President-elect Barack Obama – Photo by Pete Souza

There are huge changes coming to America’s healthcare system, starting from October 1st, but a recent poll conducted last Sunday, showing nearly two-thirds of Americans, and more worryingly, almost three-quarters of the uninsured, still don’t know what is going to happen.

Obamacare is the national health care plan which aims to provide more Americans with not only access to affordable health care, but improve the quality of health care, and regulate the health insurance industry whilst reducing the amount of money spent.

Obamacare is specifically targeting America’s uninsured citizens, and hopes to reduce these numbers by 14 million next year, but with so many not understanding what Obamacare is, do they have any chance of succeeding?

There are a few key issues with Obamacare that you need to understand and we have highlighted them below:

  • Do you already have medical insurance with your employer?
  • If you do then Obamacare does not affect you (unless you are paying over 9% of your earnings)
  • Do you make less than $46,000 (individual) or $93,500 (family) per year?
  • Obamacare can help you.
  • Do you have a pre-existing condition and cannot get medical insurance to cover this?
  • Obamacare can help you.

So basically if you are on a low income, are uninsured and have a condition that insurers will not cover you for, you will qualify for Obamacare.

But what is Obamacare exactly, and how can you get it?

Obamacare is an unofficial name for The Patient Protection and Affordable Care Act which was signed into law on March 23, 2010. What it has done is set up a marketplace where Americans can go and buy health insurance that the US government has already regulated and subsidized.

The law was passed so that affordable medical insurance would be available to every US citizen, as statistics show, that for whatever reason, there remain some 44 million Americans who currently cannot get health insurance.

Health Insurance Exchange

Health Insurance Exchange

So how do you apply for Obamacare? Well, that’s simple, you enroll at an Obamacare Health Insurance Marketplace, this can be in person or online, at Healthcare.Gov for example. There you fill in all your details and use the marketplace as a kind of shopping mall to browse for the best health provider for your medical insurance.

You can enroll anytime between October 1st and March 31st for the Obamacare Health Insurance Marketplace, but you don’t have to wait to see if you are eligible for financial aid, you can check beforehand.

However, you should be aware that most of Americans will have to have health insurance by January 1st, 2014 or they will be liable to pay a fee on their year-end taxes.

To see if you qualify for subsidized medical insurance, visit the Subsidy Calculator on http://kff.org, and for more information on Obamacare, visit http://obamacarefacts.com/whatis-obamacare.php.

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