Some Important Obamacare Facts

Obamacare is the unofficial name for the Patient Protection and Affordable Care Act enacted by President Barack Obama in 2010. Although we’ve heard the term many, many times over the years, a lot of people are not aware of what Obamacare exactly does. Its main focus is to make healthcare more affordable so that the 32-50 million people without health insurance can get coverage.

Here are some Obamacare facts that will be helpful to know:

  1. Families with insurance will be able to add their adult children up to the age of 26 to their plans.

  2. Pregnancy or wellness exams are now free.

  3. It is now mandatory for each individual to have health insurance. If you do not receive health coverage through your employer, you may purchase affordable health care insurance through your state’s marketplace.

  4. If you do not purchase health care coverage, you will be paying a penalty of 1-2% of your income.

  5. Small business owners (25 employees or less) who offer their employees health insurance will receive tax breaks of up to 50%.

  6. Businesses with 100 or more employees are required to provide their employees with health insurance. If by 2015 they do not do so, they will be charged a tax of $2000 per employee, except for the first 30 employees.

  7. The open enrollment period for 2015 starts November 15th, 2014. You want to sign up for health insurance during this period, otherwise you will not have the chance to sign up unless you have experienced a qualifying life event such as divorce or adopting a child.

  8. If your state agreed to expand coverage and your income is 138% or less of the federal poverty level, you may qualify for Medicaid. 138% or less of the federal poverty level means that as an individual you make around $16,105 and $32,913 for a family of four.

  9. Healthcare providers are prohibited from dropping you if you become ill.

  10. Lifetime limits are no longer allowed on health insurance coverage.

Make sure to enroll for Obamacare as soon as you are able. It is crucial to avoid penalties, specifically if you are a business owner.