The official name for “ObamaCare” is the Patient Protection and Affordable Care Act (PPACA). The Affordable Care Act was signed into law to reform the health care industry by President Barack Obama on March 23, 2010. ObamaCare offers a number of new benefits, rights and protections. ObamaCare’s health care reform does a number of important things including offering Americans a number of new benefits, rights, and protections in regards to their healthcare, and setting up a Health Insurance Markeplace where Americans can purchase federally regulated and subsidized Health Insurance during open enrollment.
What the Affordable Care Act Means for You?
Many Americans making under 400% of the federal poverty level will qualify for the cost assistance subsidies through the marketplace. Cost assistance comes in three forms: Premium tax credits for reduced premium cost, cost sharing subsidies for reduced out-of-pocket costs, and Medicaid and CHIP.ObamaCare’s individual mandate requires that most Americans obtain health insurance by 2014 or pay a tax penalty. The tax penalty will be applied to your year-end federal modified adjustment gross income for each month you don’t have health insurance or an exemption. You have until February 15th at the latest to enroll in a plan to avoid owing the per-month-fee for not having health insurance in 2015! We have provided a subsidy calculator below.
Please use the Subsidy Calculator it to get an idea of what kind of cost assistance you are eligible for.
2015 Obamacare Subsidy Calculator Provided by: SubsidyCalculator.com