Affordable Care Act: Clear Explanations and Benefits

[try2bfrugal]

For those of you concerned about high health insurance premiums or high deductibles, this brochure from Consumer's Union has a very clear lay out on how the premiums and tax credits will work for insurance bought on the exchanges, and whether or not you qualify for subsidies that will lower your premiums.

https://sites.google.com/a/consumer.org/tax-credit-brochure/

For those qualified to buy insurance on the exchanges, you can sign up in October for insurance coverage to begin in January 1, 2014.

This is a HUGE savings on insurance premiums and deductibles for a self employed family like mine.

[Valley]

Thanks for sharing this information. If everything goes through as legislated, this could be very beneficial to my financial health!:)

[gimmethesimplelife]

I've taken a different tack on the ACA lately. I am trying to put myself in the shoes of other people - let's say people who have lead lives more stable than I and lets say they are middle aged and have a somewhat stable job (does such a thing exist anymore?) with health insurance provided by their employer. I am totally perplexed as to why such persons would be against the ACA.....

Such persons would not have to change doctors or plans - provided that their employer maintained coverage. Should their employer drop coverage, these folks could still sign up on the exchanges and receive federal subsidies provided their income was under the cut off points. So I just don't understand and that's my ACA take today.

And I agree with Valley - my ultimate goal is self employment and I will actually have access to insurance that can't disqualify me due to my taking blood pressure meds and anti-depressants. This boggles my mind!

[sweetana3]

They are afraid. I really think that is a lot of the problem. The media and the poor communication and the fights that Congress is having are just creating an unstable atmosphere and fear is the result.

[catherine]

I'm guessing people in a traditional employee/employer healthcare plan are scared because they assume that "somebody" is going to have to pay for the coverage granted to those currently without healthcare and that "somebody" is their employers who will have to pass along the extra cost to them--kind of like middle class having to support taxation of more social programs.

It really doesn't work that way. However, management/administration for individual employers is going to be nightmare for a while because some employees will fall into the traditional system while other employees may be eligible for exchanges, so until it gets sorted out it will be kind of messy.

I personally feel it's a step in the right direction--as long as we continue to try to figure out why per capita cost for healthcare in America is so darned high and can work to bring it down.

[frugalone]

What confuses me about the "tax credits" is, um, don't you have to have paid the premiums in the first place, in order to get the credits? And what if you don't have the "up front" money to pay the premiums? What good does the tax credit do in such a case?

[gimmethesimplelife]

What confuses me about the "tax credits" is, um, don't you have to have paid the premiums in the first place, in order to get the credits? And what if you don't have the "up front" money to pay the premiums? What good does the tax credit do in such a case?From what I understand, the tax credit money goes straight to the insurance company as a payment from the government, which lowers your premium immediately. I dnn't know why this is being called a tax credit, I can see where that would confuse people. Rob