Obamacare deadline is almost here for the citizens of the U.S. For those who need and want health insurance and doesn't have one yet, it's time to take charge. Below are some Obamacare deadline and detailed facts that Americans might want to know.
Fact 1: Obamacare Deadline Is March 31
Oabamacare open enrollment started on Oct. 1, and many tweaks and delays to the law have been made making the real deadline confusing. However, President Barack Obama said last month that March 31 is the "last call" for people who don't already have health insurance to sign up. After March 31, a tax penalty will be due for those who have no health insurance yet. If an application happens to get wedged in the system and isn't able to complete everything by March 31, there's still a chance for getting covered. The Obama administration and several states are prepared to process people who get stuck in the system.
Fact 2: Everyone Needs To Have Health Insurance, According To The Obamacare Law
There's a law called Affordable Care Act which every individual to enroll in a health insurance policy or a public program by April 1. And if anyone violates this law, there is a price involved. The penalty amounts up to $95 or 1 percent of a violator's annual income. This would be deducted from the federal income tax refund next year.
Fact 3: There Is Financial Assistance For Obamacare Enrollees
Consumers with health insurance exchanges are eligible for tax credits that reduce their monthly premiums if their incomes range from the federal poverty level. The tax credit size depends on the household income, family size and on the price of health insurance. Households earning up to 250 percent of poverty can also get additional subsidies which reduce out-of-pocket expenses.
Fact 4: There Is More Medicaid Coverage For People Due To Obamacare
The Affordable Care Act entitles for an almost fully federally funded expansion of Medicaid coverage, practically free, to those who enroll. However, there has been a ruling by the Supreme Court in 2012 that states could reject the Medicaid expansion, which resulted in 25 states not participating.
Fact 5: The Obamacare-Implementing Websites Have Improved
The Obamacare exchanges in HealthCare.gov had not been successful in October and November of last year. Despite that, the U.S. government has taken care of it and HealthCare.gov has logged millions of enrollments. Health insurance exchanges in California, Colorado, Kentucky, New York and Washington state have also improved.
Fact 6: There Is Help For Obamacare Enrollees
Obamacare has a federal hotline - (800) 318-2596. The states' numbers are also listed on their exchange websites. However, one might have to be a little more patient as calls don't get answered quickly. There is in-person help available at the local level as well.
Fact 7: Obamacare Enrollment Is Allowed Later For Special Circumstances
Only those with a "qualifying life event" can have their exchanges later in the year. Examples include losing a job-based health benefit, moving to a new state, getting married or having a child.
The Obamacare deadline and facts above aren't everything one needs to know about the Obamacare, but it's still helpful if you haven't had time to equip yourself with too much data. Now that you are armed with more knowledge of Obamacare, it's time to prepare and get ready.
To see Obama explaining Obamacare, watch the video below:
This article is copyrighted by Travelers Today, the travel news leader
