As members of the U.S. Senate continue to fight over the possible defunding of the Affordable Care Act the reality of the situation is that starting on Oct. 1 the act is the law of the land and the six-month window for Americans to purchase insurance from the newly established health insurance exchanges before facing a fine will begin, according to the Wall Street Journal.
On Wednesday the government finally announced the prices for the 36 states that will have federally run health insurance exchanges. On average younger and healthier people will more than likely end up paying more money than they previously did while older people who paid enormous premiums and those with previously existing conditions and could not obtain insurance will be getting a discount, according to the Wall Street Journal.
While there has been a lot of debate over broad issues of the health care law most people are in the dark about how it will personally affect them. Here are five things that you need to know by Oct. 1 about the Affordable Care Act.
1. If you do not have health insurance by March 31 you will be fined.
If a person does not receive health insurance through their employer and they choose not to purchase insurance through one of the health insurance exchanges they will be fined either one percent of their yearly income of $95 - whichever is higher. The fine will go up every year until 2016 when it will top out at two-and-a-half percent of yearly income or $695, according to ABC News.
2. If I have insurance through my employer do I have to purchase insurance as well?
No. If you have health care insurance through your employer you are all set. Although, you may want to see if you can obtain a cheaper rate through the exchanges and opt out of the coverage offered by your employer, according to ABC News.
3. What sort of insurance will I be purchasing?
There will be three tiers of pricing; bronze, silver and gold. All of the plans will cover "essential health benefits" such as emergency care, maternity care, outpatient and rehabilitation services, mental health care and prescription drugs. Other, pricier options will offer preventative care, hospital coverage and other extended benefits, according to the Wall Street Journal.
4. Will the plans offer dental and vision coverage?
If you are a child, yes. Dental and vision are not included as "essential health benefits" for adults but may be offered in some of the pricier plans, according to medicoverage.com.
5. How much will the health insurance cost?
It all depends on where you live. The Wall Street Journal has a chart (available here) showing the lowest priced option for each of the 36 states that are using the federal exchanges. The least expensive rate is found in Oklahoma and will cost $105 per month. The priciest cheapest option is in Wyoming where coverage will cost $271 per month.
To find out more information about how the Affordable Care Act will affect you go to www.healthcare.gov.
