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Obamacare 101: Who Does This Impact?

Obamacare is officially open for business. Uninsured Americans sign up for insurance on a new online marketplace but who does this impact?
Obamacare is officially open for business.  Uninsured Americans sign up for insurance on a new online marketplace but who does this impact?

"The Affordable Care Act is here."

President Obama says millions of Americans don't have health insurance because they've been priced out of the market, until now.

"They'll finally be able to afford coverage."

When it comes to Obamacare, who exactly is "they"?

If you have sufficient health insurance  through your employer or Medicare, it likely doesn't mean you.

If all goes as planned, when you head to healthcare.gov, you the uninsured consumer, will have a choice of bronze, silver, gold, and platinum plans.

"You enter some basic information and you'll be presented with a list of quality affordable plans available in your area with clear descriptions of what each plan covers and what it will cost."

Basically, the lower the premium, the higher out of pocket costs.  Prices vary by states, doctors, and networks vary by plans.

Some consumers will be eligible for federal assistance when it comes to those premiums.  For example, a single person making less than $46,000 a year is eligible, so is a family of 4 making less than $94,000.

You must sign up by December 14th to get coverage by the start of the 2014 year.  If you don't sing up by the end of March, you won't be able to get insurance until 2015 and could be subject to a fine and this affects business owners as well.

Although, it's been delayed a year due to technical glitches, companies will be able to pick 1 plan for workers to enroll in.  Only 3% of the country's small businesses will be affected, because those with fewer than 50 workers are exempt.
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