Obamacare: Ten tips for purchasers, Part III

In the last part of our 3 part series, we explore the mandates that are involved with the Affordable Care Act as well as how they may affect your search for affordable health insurance. We hope that these tips have helped you find the plan that works best for your needs and your budget!

7. Look at a plan’s network of doctors and hospitals

Is your doctor and your local hospital part of a plan’s network?  If not, you could pay substantially higher co-pays if that doctor or hospital is considered “out of network.”  The insurance plan you select should provide you with access to the health care providers you know and trust!

8. There is no “employer mandate” in 2014

A key provision of healthcare reform required employers with 50 or more employees to provide affordable health coverage to employees or pay a penalty.  However, the Obama Administration has announced they will not be enforcing this requirement in 2014.  Whether this requirement will be enforced in later years is still an open question.

9. There is an “individual mandate” in 2014

The most controversial provision of healthcare reform requires that Americans have “Minimum Essential Coverage” in 2014.  Those that don’t have such coverage, and don’t qualify for one of eight exemptions, will have to pay a modest tax when they file their federal income tax return in 2015.  For more information about the individual mandate, click here.

10. Subsidies are only for “Exchange” policies

Some Americans may be able to quality for tax credit subsidies that will help lower monthly insurance premiums.  However, those subsidies can only be applied to new insurance policies purchased on the new government insurance Exchanges.  Subsidies cannot be applied to coverage you already have.