What’s Up with Obamacare?

We caught up with Mike McAndrew, a licensed and certified broker qualified to offer health insurance and
asked him to explain the many questions surrounding the Affordable Care Act, better known as Obamacare.
LIVING Magazine: What do you like about Obamacare?
Mike McAndrew: With Obamacare, the health insurance is guarantee issue, in other words, everyone
qualifies for coverage. There are no pre-existing conditions that would disqualify a person. Plus, all the plans
include maternity, pediatric dental, and vision care and there is no lifetime maximum as far as medical
expenses.
LM: I don’t understand what Obamacare is all about and don’t have insurance. Can I sign up now?
MM: Unless you had a recent qualifying life event, say you lost your insurance at work, no, you can’t sign up
after February 15. The open enrollment is November 15-February 15, after that you have to wait a year to
enroll.
LM: So, everyone is required to have this insurance, what if you didn’t sign up?
MM: Unfortunately, there are penalties that are assessed when you file your tax return. Say for example you
didn’t have health insurance in 2014; when you file your taxes you will be assessed a penalty. For the first year
without coverage the penalty is $325 per adult in your household and $162.50 per child (or 1 % of your family
income, whichever is greater). The amount of the penalty will continue to increase every year you go without
insurance.
LM: Can a person go online and sign up for insurance during open enrollment?
MM: They absolutely can, but if they do it online by themselves, they might wonder why it’s called the
Affordable Care Act; it’s going to look expensive. There are tax credits and subsidies involved to lower the cost
of the health insurance and they’re available to a lot of people.
LM: How would one go about getting a subsidy and who is eligible?
MM: In general, many people qualify for the subsidy. Getting in touch with a qualify broker is the best way to
determine if you qualify and for how much. This has really made healthcare affordable for a lot of people. Plus,
the fact that many people that were uninsurable before (or insurable at such a high rate because of a preexisting
condition such as diabetes that they couldn’t afford the premium) can now have health insurance, no
questions asked.
LM: It sounds complicated.
MM: It can be. That’s why I recommend people speak to a broker licensed and trained to offer health
insurance. They can explain the best plan available for their needs and help them with their subsidy. The best
part is that there is no cost whatsoever for a person to meet with a broker.
If you have any questions about the Affordable Care Act, give Mike McAndrew a call at 928.855.9421