Despite the way it is portrayed in the media “Obamacare” is not an insurance company or a plan. Actually “Obamacare” is just another way to talkd about the Affordable Care Act, specifically what happens on the Health Insurance Marketplace. The Affordable Care Act allows some individuals and families with lower incomes to get assistance, in the form of a government subsidy, in paying their health insurance premium. Assistance is based on the gross family income reported on your taxes and the number of family members that both need and insurance and file on the same tax return. Only plans purchased from the marketplace are eligible for the subsidy.
The way it is set up now open enrollment will typically run from the beginning of October through the middle of December, however due to system issues extended until March 31st.
The of the Health Insurance Marketplace was to make insurance easy to obtain and affordable for the average person. However it did not take into account that average person is not very familiar with picking a provider network or reading a prescription formulary. Also many people were confused by how the deductible works the differences between co-pays and co-insurance. For most people the easiest way to navigate the marketplace is with a licensed agent. It is their job to explain to you how the different plans work as well as help you make and informed coverage decision based on your current needs. I discuss the terms you need to know when shopping for your medical insurance in the health section of this website.