The Affordable Care Act, or Obamacare, begins its open enrollment today and will begin to provide medical insurance to those not receiving it through Medicaid, Medicare, or their job on January 1. The legislation passed in 2009 and was signed into law in March 2010 by President Obama.
However, despite the Affordable Care Act being on the books for over three years, shortly after its three year anniversary, ABC News released a figure noting that 42 percent of people didn’t even know it was a law. And certainly, there are that many more who are still unsure of what having Obamacare actually means. Here is a quick outline of the most basic facts about the Affordable Care Act:
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Obamacare may cost a little bit. However, there have been studies released that indicate that it will cost way less than previously thought. Fixty-six percent of those without insurance will be able to receive coverage for under $100 a month.
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If you’re already covered by your employer, Medicaid, or Medicare, nothing will change in your coverage and your insurance plan will continue as is.
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Obamacare premiums vary. They are measured based upon age, health, plan desired, and income, among other things.
- Preexisting conditions do NOT matter under Obamacare. The Washington Post reports that “One of the really big changes that the health law makes to the insurance marketplaces is eliminating the relevance of preexisting conditions altogether.”
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If you elect not to get coverage, a mere $95 tax penalty will be deducted from your 2015 tax return.
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Obamacare will not make you switch doctors. According to the Los Angeles Times, that “has been happening anyway because insurers are under enormous pressure from big customers to cut costs.”
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Rates will vary heavily by your place on the map. A bronze plan in Wyoming will cost around $425 a month, whereas a bronze plan in Ft. Lauderdale, FL will cost about $24 a month.
These are but a few of the many parts of the Affordable Care Act. ThinkProgress and The Washington Post provide a highly comprehensive list of the parameters of Obamacare that have gotten lost the mainstream media’s rhetoric and sensationalism.
Josh is a writer and researcher with Ring of Fire. Follow him on Twitter @dnJdeli.
