In case you haven’t already heard, Obamacare is now in effect. But what exactly is it? This was a piece of legislation that was signed into law, four years ago now, back in March 2010. One of the goals of the legislation was to increase the quality as well as affordability of health insurance for individuals who weren’t otherwise given the opportunity for coverage.
Some of the benefits of Obamacare include: individuals being able to stay on a family’s health plan until they reach the age of 26, stopping insurance companies from dropping you if you get sick, prevent against gender discrimination, preventing insurance companies from making unjustified jumps in rates, doing away with annual limits, expand coverage to a lot more individuals, subsidize the cost of health insurance and prevent insurance companies from denying you for coverage because of a pre-existing condition. Sounds pretty good right? Another benefit is that emergency care, hospitalization, prescription drugs, maternity and newborn care be included in all plans with no annual limit. Furthermore, preventative services such as yearly check-ups, immunizations, counseling and screenings must be provided at no out of pocket cost to the patient. Since this is the case, some individuals such as high income earners, large businesses and the healthcare industry will have additional taxes to help pay for all of this. So if you are overly rich, you might not appreciate it all that much.
So as with any law and legislation there are compliances rules that we need to follow. Obamacare is no exception. So how can you and I be compliant with the new law? As fellow citizens we must obtain health insurance by the end of this year so by December of 2014, get an exemption, or pay a per month fee as a penalty for non compliance. This fee for not having insurance is $95 per adult plus $47.50 per child unless you have a family in which case you are capped at $285 per month. Or the government can fine you 1% of your income if that is greater. Keep in mind the rates I just mentioned are simply for this year, 2014. Next year instead of paying $95 per adult, the fee jumps up to $325! So rather than not complying why don’t you sign up for a plan because chances are you will be paying less than that per month and be receiving health coverage! Health care related costs are so expensive that I don’t see why you wouldn’t want health insurance to help you offset the bill. So in order to comply with the new law you need to be signed up for health insurance by the deadline of March 31st so time is ticking away.
If you are looking for additional insurance on top of health insurance perhaps you could go off own your own and sign up with a third party insurance company. rogersgray.com is a great option. They offer some great options for auto insurance, homeowners insurance and marie insurance to help better insure your other assets. Give them a call today.