Obamacare is a complicated, very ambitious law.
The law itself is over 2,000 pages, which pales in comparison to the number of pages of regulations that have so far been generated by those trying to interpret the law.
The current count is 20,000 pages and climbing! In any Q&A about Obamacare, the first question is, how can anyone understand everything there is to know about it? The answer to that question is nobody can.
So, let's leave that as it is.
This article, however, will bring into focus all you need to know about Obamacare as it relates to you as an individual or to your business for that matter.
Just like in any math problem, anything times zero is zero, if you have certain things in place then you will know all you need to know about Obamacare.
Remember the statement that if you like your current policy you can keep it? Regardless of all the controversy surrounding that declaration, it really is, for the most part true.
And if you have current coverage whether provided by your employer or on your own, then you know all you need to know about Obamacare.
Just keep doing what you are doing.
One of the first things that everyone needs to understand is that Obamacare was designed for those who do not have coverage.
And in the overall scheme of things that is a really low percentage of the insurance buying public.
The vast majority of Americans have health insurance and are happy with what they have.
In fact, only 7 % of Americans are expected to apply for coverage through the new marketplaces.
That means that 93% of us will have access to health insurance through some other avenue.
Some of the changes brought about by Obamacare to achieve the goal of covering everyone are: 1.
After Jan on 2014, no one can be denied coverage for pre existing conditions or denied a policy because of a health condition.
2.
If you do not have coverage through your employer or it is not affordable, you may be eligible for a subsidy through an exchange.
If your coverage at work is affordable, you can still buy insurance through an exchange but will not be able to get a subsidy.
Plus you will lose your employer's contribution to your premium cost.
3.
A requirement that all Americans, with a few exceptions, must buy coverage or face a fine (tax) goes into effect on Jan 1, of 2014.
The fine is 1% of your annual income or $95.
00 whichever is greater.
The tax increases over time and will be indexed for inflation.
Plus if you pay the fine, you still do not have coverage.
It is really not that complicated, if you have coverage that is of minimum value, you can keep it.
If you have insurance through an employer and they are keeping the plan in place and it is affordable (less than 9.
5% of family income) and it meets minimum value then you can keep it.
In fact, if those two things are in place, you are not eligible for subsidy through an exchange anyway.
And the last thing is, if you don't want to buy coverage, you can pay the tax and not have any coverage.
As always, each situation is different and all factors need to be considered before making a decision.
Lately, even the administration has come to realize that the help of a certified insurance agent is essential to making the right choices.
This information is being provided by Mark E.
VonMoss, Mgr.
Financial Serv.
Div.
of The Insurancenter.
Mvonmoss@theinsurancenter.
com http://www.
theinsurancenter.
com