What You Need to Know About Obamacare
A little confused about what's going on with the Affordable Care Act, a.k.a. Obamacare? Here are answers to common questions, including:
- whether or not you must buy health insurance
- upcoming open enrollment dates for your state
- what available plans cover
- how much you'll need to pay for coverage, and
- how to sign up.
Here are some basics to keep in mind:
Obamacare has not been repealed. You must be insured unless you're exempt from the law. Unless you're exempt from the Affordable Care Act (Obamacare), you must be enrolled in a health insurance plan. If you aren't covered or exempt, you'll owe a tax penalty when you file your federal income tax return.
You can shop for a plan online. You can use an online health insurance exchange to choose a plan, apply for cost-saving subsidies, and get other help.
You may qualify for a subsidy. Many people are eligible for tax credits that will lower monthly premiums. If your income is very low, you may qualify for Medicaid and get free or very low-cost coverage.