Frequently Asked Questions - Dices forming the Words, Red, White, Health Theme
Health Insurance FAQ

By now, the wheels have been turning for Obamacare for some time but some people still claim that it’s difficult to understand. Overall, trying to understand health insurance is a difficult task which is why many rely on insurance agents to help explain policies. It’s important to understand the Affordable Care Act though because it’s going to affect all Americans and especially business owners need to make sure they understand what their options are. Individual Americans also need to take the time to understand how the bill will impact not only their health care but also their wallets, whether it’s good or bad.

One of the main tenants of the bills states that health insurance will be mandatory for all U.S. Citizens. This has caused some controversy and was challenged in the Supreme Court but upheld. It does have certain applicable exclusions and by providing affordable health care, obtaining it will not be hard for many people. If you do not have health insurance and aren’t considered an exclusion to the law, you will pay a penalty. The argument is that for the price of the penalty, you will be able to find health insurance.

Affordable healthcare will be offered by states through exchanges. Individual and small businesses will be able to go to an independent, state run website to compare health insurance plans much like you do with auto insurance companies now. This is expected to encourage competition between health insurance companies, lowering the cost for Americans.

Small businesses that offer health insurance to their employees will receive a 35% tax credit and that will increase to 50% in 2014. Medicare will be expanded to cover more individuals and free preventive care.

Restrictions will be placed on insurance companies. They will no longer be able to impose lifetime limits or deny people coverage that have pre-existing conditions or charge them a higher premium. The ACA is doing many things for healthcare and it’s important you understand how you’ll be affected. Ask your insurance agent or state department about individual concerns.