Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
Most young adults will benefit from healthcare reform as they will be eligible for federal subsidies that should make quality health insurance affordable. This can be especially true for unmarried, lower-earning people. It is estimated that there are 21 million young people now uninsured and most have low-to-moderate incomes. The majority of them will be able to purchase affordable coverage with assistance through the new state exchanges or marketplaces. This will begin with early enrollment in October. Another positive of healthcare reform is that young people will be able to remain insured under their parent’s health care plan until they turn 26. In fact, it is thought by many experts that young people will be the biggest beneficiaries of Obamacare.
How the subsidies will work
If you learn through your health insurance exchange that you're eligible for a subsidy, here's how this will work. You will be given a choice of taking the maximum subsidy or a lesser amount. If you believe that your income will increase in the coming year, you might decide to take less than the maximum so you won't have to pay the government anything back at the end of the year. Regardless of which amount you choose to take, your subsidy will be paid to your insurance company by the federal government every month. For example, if your insurance premium is $600 a month and you’re eligible for a subsidy in the amount of $400, the government will send the $400 directly to your insurance company. You will be required to pay the $200 difference.
It’s not simple
The Quality, Affordable Health Care For all Americans Act is not a simple piece of legislation. There are varying numbers as to its size but most agree that it's the least 1400 pages long, plus there may be as many as 20,000 pages having to do with regulations. In any event, it's a very complex piece of legislation and not easy for us ordinary people to understand. If you work for a company, you may have already been briefed as to how Obamacare will affect you. If not or if you’re an independent worker, you may have to wait until your state’s insurance exchange (marketplace) opens to see and understand your options.
Other new taxes
Obamacare includes other taxes not related to insurance policies. Here's a brief video that explains them.