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Do You Have to Pay for Obamacare?

Do You Have to Pay for Obamacare

Do you have to pay for Obamacare? Well, there are couple of ways to answer this question.

Obamacare requires that every individual enrolls for a health insurance plan. In the event that you don’t do so, you will be required to pay taxes towards the same. Under the Patient Protection and Affordable Care Act, middle-income families are given a subsidy.

The cost of the plan is dependent on five main factors. These are your location, age, family size, income and the plan that you select. This is in line with the provisions of the Affordable Care Act, hose mechanism is levy taxes on higher income families and big businesses that have evaded the provision of health benefits to their employees.

The plan category is also a major determinant of the cost of your plan. The various health insurance plans fall under different categories. However, regardless of the category in which you fall, you will access all the ten essential services and health benefits. The four main categories are as follows:

Platinum – this category caters for 90% of the total costs. It however attracts the highest premiums per month.
Gold – the Gold category pays for 80% of the medical expenses although its monthly premium rates are relatively lower as compared Platinum category.
Silver – pays 70% of the medical expenses leaving to only cater for the remaining 30%.
Bronze – this is the lowest category in terms of coverage. It covers 60% of the total costs and it best works for people that don’t usually incur a lot of medical charges. This category also enables the recipient to pay the lowest monthly premiums.

Do you have to pay for Obamacare?

The plans in each of the categories should help you to compare the monthly deductibles, annual out-of-pocket maximums, premiums and co-pays. The tricky party is, it is very likely that within the same category, a plan with the lowest premium rates might have the highest deductibles. Practically, a person who gets sick in such a plan might end up paying more for health costs as opposed to another with a higher premium but with lower deductible.

The goal should be to estimate the exact cost of the health care before you can settle on an insurance plan. Also, older people are charged higher premiums just as those people who live in places with a higher cost of living. On the other hand, anyone who makes 400% or less of the federal poverty line, receives a subsidy.

To conclude,do you have to pay for Obamacare, it is targeted at extending Medicaid to low-income earners. The plan also offers small and medium enterprises to provide health insurance for their workers.

For more information please call ObamacareQuotes today at (800) 811-2640