As the deadline approaches for the Affordable Care 2010 to be fully implemented and the exchanges open word is spreading like wild fire.
There had been quiet whispers of what was to be but as healthcare reform looms on the horizon the price tag of this is coming more into focus for the average American.
The consensus is Obamacare will be far from free.
The IRS estimates that the basic level or bronze level plan set forth under the Affordable Care Act will cost on average $20,000 for a family of four.
That price is for the basic Bronze Level plan that will be offered on the exchange on October 1, 2013 with a policy effective date of January 1, 2014.
Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum.
Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
According to the IRS regulations "The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,”
Based on scenarios laid out in the regulations, the IRS calculates that a family earning $120,000 per year that did not buy insurance would need to pay a penalty or tax of $2,400 in 2016.
Open enrollment for the the "metallic" plans available on the government exchange will begin on October 1, 2013.
As of today metallic plans are also set to be available on the private insurance market as well. These plans will be available online or via a health insurance broker or agent.
Details continue to be ironed out as states decide which path they will take to implement and administer Obamacare.
While a lot is still not known, one thing is now clear. Obamacare will not be free like some Americans thought it would be.
Form more information on the Affordable Care Act 2010 visit healthcare.gov.
To find a broker in your area visit www.healthcaresolutionsteam.com.
For a broker and to keep up with update with healthcare reform in Illinois visit their Facebook page.
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