Obamacare #realtalk

Death spirals? Yikes, that sounds scary!

So what is a death spiral? If enough healthy, young people don’t sign up for Obamacare, then the pool of people covered under the exchanges will be less healthy and older. Premiums would have to go up to cover costs.The law would be doomed because the market will go into a “death spiral.”

Sounds scary, right? But don’t lose too much sleep over it. According to experts, the fears of an alleged death spiral are likely overblown.

Keep reading here.

Nope! Not how it works!

The plan with the exchanges under the health law is not to provide free health care for everyone.  The idea is for millions of Americans to go online, compare health plans, find out if they’re eligible for federal help with premiums and buy coverage. This nifty calculator helps you figure out how much you’re likely to pay.

The White House needs a lot of college students (or just young and healthy people) to sign up for the law to work out. Keep reading here for details.

Well, it depends. How affordable is affordable?

The government has a specific definition of what’s affordable.

If the cost of buying insurance on the exchanges (with subsidies and all) is more than 8 percent of your household income, then it’s too expensive and you would not have to pay the penalty.

Get the full details here.

UM, YEAH, THAT DIDN’T HAPPEN.

Can you keep your plan? It depends. If your plan doesn’t meet the requirements of the health law, then you may have gotten a cancellation notice. In this situation, it’s up to individual states whether they will allow people to keep for another year plans that are not compliant with the new law.

President Obama infamously promised Americans that if they liked their insurance plans, they would be able to keep them. But many people got cancellation notices if their plans were not compliant with the health law.

Want to know more or find out where things stand in your state? Keep reading here.

DON’T WORRY, YOU’RE GOOD!

Buying insurance on the exchanges isn’t the best idea if you’re living abroad, because this insurance mainly covers services in the United States. And lucky for you, you don’t have to! The individual mandate doesn’t apply to Americans living abroad.

Still have questions? Keep reading here.

NOPE, NOT HOW IT WORKS.

Insurance companies are no longer allowed to deny coverage because of a preexisting condition. They also can’t make you pay more because of health conditions.

That said, there have been concerns recently that some companies are trying to discourage people with expensive conditions, such as HIV or cancer, from signing up.

Keep reading here.

ACTUALLY, THE OPPOSITE. 

Millions of undocumented immigrants are going to remain uninsured under the new law. This is because they are barred from federal subsidies and can’t buy coverage on the exchange.

Want more details? Keep reading here.

GOOD QUESTION!

Don’t worry, nobody’s going to come knocking on your door, demanding to see your insurance card.  (Really. Stop Googling this!)

The government knows because you tell them. When you file your taxes, you will have to include information about your insurance coverage. 

Need more details? Read more here. 

WELL, KIND OF. 

To have coverage on Jan 1, you’ll need to sign up and pay your premium on or before Dec. 31. 

How it all works in theory:  You sign up, the exchange sends basic info about who you are and the plan you picked to the insurance company. Then, you get a bill from your insurance company, pay your first month’s premium, get mailed a card, and you’re good to go! 

What’s actually happening: The exchanges are sending insurance companies information full of errors. So be sure to double check! 

Have more questions? Get all the details here.