Obamacare or the Affordable Care Act (ACA) may have been designed with all good intentions, but not everyone is happy about it, especially those who will have to shoulder the brunt of tax fees and those that will be affected by the subsidized health plan. Those that will be penalized for not having insurance won’t have any reason to smile about either. How the ACA affect you, however, will greatly depend on your unique circumstances.
How Will Obamacare Affect You If You Already Have Insurance?
As long as your insurance is “grandfathered in”, which means it was created before 23 March 2010, the ACA will not have a significant effect on you. But you might want to compare plans in the state marketplace, as you might find a better deal. Not all health plans, after all, come with essential health benefits and free preventative care, or covers pre-existing conditions.
If you have employer-sponsored insurance, not much will change with your health plan. You would still enjoy the same benefits, which would be advantageous, especially if they are as good as what Obamacare offers.
How Will Obamacare Affect Me If I Am Uninsured?
Because the program helps ensure that everyone has health insurance, being uninsured can pose a problem, what with the tax penalties you will have to face. Based on provisions on the ACA, you will be fined for every month that you are uninsured, except when the period falls under a “short gap”. This refers to the first three months that you are uninsured. Any other month that you are not insured after the short gap could mean tax penalties of 2.5% of your household income in the 2016 tax year. Penalties could also be imposed as per adult and/or per child that is uninsured.
The only time that you can get away with being uninsured is that if you are exempted. That is, your situation puts you on the exemption category. Your income is way below the Federal poverty level that buying insurance would be an added financial burden.
How Will Obamacare Affect Me If I Work Part-Time?
ACA has full-time employees covered, but has left the decision on part-time workers to employers. It is up to them if they want to ensure staff who are working less than 30 hours a week, which can be a bummer. Part-time employees, still do the same job as full-time workers, although not in the same amount of time. They still get sick and would need insurance when that happens.
Other employers also cut down job hours to less than 30 per week, in order to avoid paying for healthcare. A major downside of Obamacare where part-time workers are concerned. There are employers, however, who are generous enough to give employees money, so they can buy their own individual health care policy.
The upside of ACA on part-time workers is that you can get subsidized quality health insurance from the Health Insurance Marketplaces, which offer better benefits at a low cost.
How Will Obamacare Affect Me If I Can’t Afford The Premiums For Dependent Coverage?
One of the downsides of ACA is that dependents of employees are not covered. If they want dependent coverage included in their employer-sponsored health insurance, they will have to pay the full premium. If you can’t afford it, you can always get dependent insurance from the Health Insurance Marketplaces. There is one problem, though. Your dependent might not be eligible for cost-sharing assistance or subsidies (premium tax credits). The cost of premium is one of the reasons that many employers today skip dependent coverage. You can only hope that the tide will change and employers would be more generous.
How Will Obamacare Affect Me If I Receive Medicare?
The good news is you will get more from your Medicare, because the new benefits and protections included in ACA further boosts Medicare. Your coverage still stands and the level of protection increases.
For instance, all your guaranteed benefits will be protected. Whatever benefits you have been promised to be given if you need it will stand. Laws have also been added to safeguard you from scams, waste and fraud. For another, you will be able to save money through the Medicare program. After all, preventive care is now free. This includes immunization, diabetes, cholesterol and cancer screenings; and diet counseling. Although there are exceptions, the most basic preventative care will be given at no cost to you.
Also, if you have Medicare Part D, you will get over 52% discount on prescription drugs if you have reached the coverage gap or doughnut hole.
How Will Obamacare Affect My Business?
There are always two sides of the story and Obamacare is no exception. It can be a boon or a bane to a company. Because of the enforced requirement of health insurance, small businesses might need to sponsor insurance for their staff, which will take a toll on their overheads. On the other hand, ACA gives them an opportunity to look for a better coverage through the Small Business Health Options Program. This is applicable for small employers with less than 50 employees. And, if the company has less than 25 employees working full-time or equivalent, it will enjoy tax credits.
How Will Obamacare Affect Me If I Have No Idea What The Program Is All About And How To Buy Insurance?
Not to worry, there are now plenty of online sites that will walk you through the entire insurance buying process, most of which are government-run. If you buy individual insurance health plan, you need to check if you qualify for subsidy. Yes. You can go through the health insurance exchange. No. You need to go through a broker or buy direct from an insurer. Still, you can use the exchange to find a broker or insurance company. Although there are still glitches in the health insurance exchange, it is already helping a lot of Americans buy insurance. A little tweak and it could run as smoothly as possible.
Many people think Obamacare is no good, but it really depends on your situation. So how will the health program affect you?