What New York Residents Need to Know About Obama Care (the Affordable Care Act or ACA)

What You Need to Know About Obamacare

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Obamacare > What You Need to Know About Obamacare

What You Need to Know About Obamacare

A little confused about Obamacare and the Affordable Care Act? Here are answers to common questions, including:

  • whether or not you must buy health insurance
  • what available plans cover
  • how much you'll need to pay for coverage, and
  • how you can sign up.

Here are some basics to keep in mind:

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 have to pay a tax penalty when you file your federal income tax return.

You can shop for a plan online. If your state has its own online health plan marketplace -- called an exchange -- you can shop for a health plan there. Otherwise, use the federal 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 premiums or reduce out-of-pocket costs health care costs. If your income is very low, you may qualify for Medicaid, and get free or low-cost coverage.