The Obama Health Care Act was signed into law by President Barack Obama in 2010. This act is also called ObamaCare, for short. While some of the provisions have already taken affect, the rest will continue to come out until the year 2022.
ObamaCare is designed to make health insurance affordable and accessible. For the most part, those who are able to afford to pay for health insurance premiums must do so before January of 2014 or they will face a monthly penalty. The current fee is $95 for each adult, $47.50 for each child or 1% of total income, whichever amount is higher. The maximum that is added to any family is $285. Open enrollment for the new marketplace runs from October 1, 2013 until March 31, 2014. If that seems to complicated, you can use a health care calculator to see how much it may cost you.
The act does change quite a bit as far as the health care system. For instance, insurance companies cannot turn anyone down because of any pre-existing medical conditions. They also cannot drop your insurance coverage just because you are sick. In addition, the act protects against discrimination based on gender, expands free health benefits and free preventative services, lowers the deficit as well as healthcare spending, creates a place where people can purchase free or low-cost health insurance, broadens CHIP and Medicaid, makes Medicare better and mandates large companies to ensure that all their employees are insured.
The majority of people who already have health insurance coverage are able to keep their existing plan. Children are eligible to remain on their parent's health insurance plan until the age of 26. You can also visit TurboTax to learn more about health care and your taxes.