Question: Do I have to pay a penalty if I have no insurance (No Obamacare or No Affordable Care Act?)
Answer: If you do not qualify for an exemption from Affordable Care Act and decide not to buy insurance, you will have to pay a penalty.
In 2014, the penalty is 1 percent of your annual household income or a fee of $95, whichever is greater. There is a cap of the 1 percent penalty. Imagine Bill Gates not having insurance and penalty a 1% penalty on his income. The maximum penalty is the premium for your household size for the national average of the Bronze plan. For 2014, the maximum annual penalty was $2,448 per individual up to $12,240 for families of five or more.
Question: Who is eligible for Affordable Care Act?
Answer: To be eligible for health insurance coverage through the Marketplace, you:
Must reside in United States
Must be a US Citizen or have legal status (Green Card, Asylee, Refugee, etc.)
Not Incarcerated or Jailed
Have a Social Security Number
Residents of a US Territory (eg. Guam, Puerto Rico, etc) are not eligible to apply for health insurance coverage using the Federal or State Marketplace unless they also qualify as a resident within the service area of the Marketplace.
Question: Why is there an Open Enrollment Period for Affordable Care Act?
Answer: The Affordable Care Act offers a three month window for people to shop for health insurance. This period is also known as Affordable Care Act Open Enrollment Period. The main reason for the open enrollment is to encourage people to get insured and not wait until they are sick to buy insurance. If you miss the open enrollment period, you must wait until next year to get health insurance coverage, unless one experience a Qualifying Life Events where they get health insurance coverage during Special Enrollment Period.
People who qualify for Medicaid can sign up for health insurance year round. In states that expanded Medicaid under the Affordable Care Act, anyone earning less than 138 percent of the Federal Poverty Line (FPL) is eligible for Medicaid.
Answer: Eighteen states have the marketplaces. The Affordable Care Act helped develop these marketplace exchanges where people can go to find out about the different health care plans, use the calculators, and ultimately apply for reasonable, yet complete health care programs, The health care programs were developed in order to get coverage for those uninsured and underinsured in the United States.
States Which Currently have 100% Approved Marketplaces
Question: When is Affordable Care Act Open Enrollment?
Answer: The open enrollment period for Affordable Care Act for 2014 starts on November 15, 2014 and ends on February 15, 2015. It is only during the open enrollment period, you can get health care insurance from the marketplace that qualifies for tax credits. If you miss the open enrollment, you have to wait for 9 months until they open again in late 2015 to get health insurance.
Question: Do I have to signup for Affordable Care Act / Obamacare / Insurance?
No, you do not have to signup for Affordable Care Act. But, starting in 2014, if you do not have insurance, you will have to pay a penalty of $95 to $285 depending on your gross income. The penalty will increase gradually to a maximum of $2,085 by 2016.
You will not be arrested or go to jail if you do not have insurance (Affordable Care Act / Obamacare).
Obamacare is the term most commonly used by conservative critics to refer to the Patient Protection and Affordable Care Act. In reality, President Obama only outlined general principals to guide Congress and did not offer a particular legislative proposal. Obamacare was model after the health reform in Massachusetts.
In short summary, Obamacare is Affordable Care Act.
Question: When Can I buy Affordable Care Act Obamacare health insurance?
The Affordable Care Act / Obamacare Marketplace open enrollment is from October 1, 2013 to March 31, 2014. For future years, the open enrollment will be from October 15 to December 7.
Most people will only be able to use the Affordable Care Act Marketplace during Open Enrollment. But, if you experience certain qualifying events at other times during the year, you may be able to buy health insurance through the Marketplace at that time. This is called a Special Enrollment Period.