ForexTV NewsDesk | September 26 2013 10:03 EDT
ForexTV.com (New York) by Timothy Kelly
Open enrollment for Obamacare Healthcare Marketplace or Healthcare Echange, begins on October 1, 2013. The open enrollment period (October 1, 2013-March 31, 2014) will give individuals and families time to understand Obamacare costs for health insurance coverage through the Marketplace that becomes effective January 1, 2014.
Marketplace plans and costs are regulated by the Affordable Healthcare Act (ACA) and will be made public on October 1. Individuals may enroll online at the Marketplace web site by visiting www.healthcare.gov, by phone or in person.
Ahead of next week's Marketplace launch, individuals may learn more about the costs of Obamacare premiums, out-of-pocket costs and coverage through an online calculator provided by the not-for-profit organization, The Kaiser Family Foundation.
The calculator provides a rough estimate of costs for insurance under Obamacare. However, it was designed using national averages and could include factors that may or may not apply everyone. It was designed to give individuals an idea of what someone with similar circumstances could pay for Marketplace insurance in 2014. Additionally, the White issued the following statement about the calculator:
- "The calculator accounts for some factors that may determine plan costs in the Marketplace: age, family size, and tobacco use. Individual plans will weigh these factors differently to determine final prices.
- The estimate doesn’t account for differences based on where you live, which will significantly affect Marketplace prices and offerings.
- The prices are based on a plan in the Silver category. Plans in different categories will likely have higher or lower premiums.
- You won’t be able to get your exact costs for a specific plan until you fill out a Marketplace application after October 1, 2013. Then you’ll see all of the plans available to you, compare features and prices side-by-side, choose a plan, and enroll. You should expect that your final cost will be different from the rough estimate provided here."
Additionally the Kaiser Family Foundation issued the following statement about the calculator:
"This tool illustrates health insurance premiums and subsidies for people purchasing insurance on their own in new health insurance exchanges (or “Marketplaces”) created by the Affordable Care Act (ACA). Beginning in October 2013, middle-income people under age 65, who are not eligible for coverage through their employer, Medicaid, or Medicare, can apply for tax credit subsidies available through state-based exchanges.
Additionally, states have the option to expand their Medicaid programs to cover all people making up to 138% of the federal poverty level (which is about $33,000 for a family of four). In states that opt out of expanding Medicaid, some people making below this amount will still be eligible for Medicaid, some will be eligible for subsidized coverage through Marketplaces, and others will not be eligible for subsidies.
With this calculator, you can enter different income levels, ages, and family sizes to get an estimate of your eligibility for subsidies and how much you could spend on health insurance. As premiums and eligibility requirements may vary, contact your state’s Medicaid office or exchange with enrollment questions."
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