20 things you should know about ObamaCare

Top 20 things you should know about the Affordable Care Act (ACA) or ObamaCare

1.       You must have health insurance in 2014 or pay a penalty (few exceptions)

2.       You can continue to subscribe to your employer  plan or explore the Health Care exchange options

3.       For most people, the new plan will cover more, for older people they may cost less, there will not be lifetime limits and out of pocket yearly expenses will be capped

4.       Preexisting and chronic conditions will not exclude you from coverage

5.       Children can be on your plan until they are 26 years old

6.       You can only sign up during the open enrollment periods (this year it lasts from October 1, 2013-March 2014

7.       You can skip coverage and pay the penalty…and if you are injured, etc. you will bear the full cost of the treatment

8.       If you reside in Kentucky you can compare the offerings in the Marketplace  at kynect.ky.gov.  In Indiana it is healthcare.gov  These sites will help you determine if you qualify for free or lower cost insurance. 

9.       If you make up to $45,950 you may qualify for a subsidy that will reduce your premiums (you must purchase through the Exchange to receive the subsidy)

10.   Other lower cost solutions are available through brokers, etc.  Shop around

11.   Expect more emphasis on wellness programs

12.   Expect new arrangements between insurers and providers (hospitals, doctors, etc.) which may lead to better coordination of care, fewer choices, etc.  You’ll begin hearing about ACOs-accountable care organizations which will move payments away from fee for service toward incentives that reward providers for keeping patients healthy.

13.   Call ahead to schedule appointments-more people insured means longer wait times for the available appointments

14.   Don’t expect immediate cost savings

15.   Expect more pressure to adopt healthy habits—you may be incentivized to adopt in the form of lower premiums, gift cards, etc. 

16.   Business are NOT required to insure employees THIS year (that mandate was delayed).  However, in 2015 employers with over 50 employees will be required to insure or pay a penalty

17.   Undocumented immigrants will not receive subsidies

18.   Hospitals will be using their emergency rooms as places for the uninsured to sign up

19.   Keep reading all the information that is pouring forth to keep up on the latest changes

20.   The free market will continue to exist-perhaps in a more robust fashion than ever before