Here's What Happens If You Don't Sign Up For Obamacare (Sorting out the confusion)

Business Insider ^ | 07/02/2013 | MANDI WOODRUFF

[SeekAndFind]

We're months away from cutting the ribbon on the new online marketplace for health insurance, but the vast majority of uninsured Americans — the very people the Affordable Care Act is meant to help — still have no idea whether they'll be in the shopping mood or not.

According to a recent survey, nearly two-thirds of uninsured Americans say they haven't decided whether or not they'll buy health insurance by the Jan. 1, 2014 deadline (even though they'll have to pay a penalty if they don't).

Another 10% say they flat out won't buy in at all.

We understand the hesitation. Change is hard enough when it's simple to understand, let alone when it has to do with things like insurance, health care policy, and your own financial and personal well-being.

"People just don't understand how this is going to affect their wallet, what prices are going to be and what this could really cost them," said Laura Adams, InsuranceQuotes.com senior insurance analyst.

Here's what you need to know:

1) What is this new health care exchange all about?

The health care exchange (aka The Marketplace) is the centerpiece of the Affordable Care Act, an online marketplace where consumers can shop around for health care plans, just like auto insurance. All 50 states will have their own marketplaces, some of which will be run by the federal government and some of which will be run by individual states.

Delays notwithstanding, the marketplace opens on Oct. 1, 2013 and people will have until Jan 1, 2014 to pick up a policy if they want to escape penalties. There, you'll be able to choose from four different varieties of plans, platinum (highest benefits), gold, silver, and bronze (lowest benefits).

[Gandalf_The_Gray]

How about those of us that have a pace maker or kidney failure? requiring Dialysis Who is going to insure us and at what cost?

The plan is that everybody must have insurance (less then 26 are on their parents plan). The 26 and over crowd will pay premiums at higher than required to cover the expected costs of their claims. The "excess" will feed the kitty to cover shortages resulting from senior's higher claim rate. Across the board from 26 to end of life, the rates will be higher than required to cover claims as the plan is to generate a "surplus" to cover the currently "un-insured" (healthy youngsters and the 47% free loaders).

AHC is the biggest "wealth redistribution" scheme in US history. It has very little to do with health and everything to do with liberal socialism.

Welcome to the ‎People's commune brothers and sisters, we'll all get to Heaven in a little red boat. 53% of you, grab an oar...

Gandalf

[SisterK]

Up your medical coverage in your auto insurance policy.

[ken in texas]

We could force huge changes in our health care system if people would just quit going to doctors and hospitals.

What a charming idea. The sick and injured can stay home and die, leaving behind only healthy people that don't need to go to the doctor or hospital anyway. /sarc

[steve86]

True, for that type of injury.

At my age, though, most medical threats come from inside.

[steve86]

Just in case you are interested, my wife's daughter who has a (genuine) disability and is on Medicaid, has always received very good care from cardiologists and cardiac surgeons with several pacemakers along the way. I hope this level of care continues but am not completely optimistic.

Who is going to insure us

Pre-conditions can't be used to deny coverage. Best wishes to you.

[Georgia Girl 2]

I think you are correct. The only enforcement measure for collecting the penalty is to withold it from your tax refund so if you don’t get a refund there is no way they can collect.

[Bshaw]

Audit away! I’ll be happy to provide them with my accountant’s name and address.

[Bshaw]

Audit away! I’ll be happy to provide them with my accountant’s name and address.

[steve86]

You are very unusual if you welcome an IRS audit, even if you are entirely fastidious in preparing your returns (or giving the CPA information). Most people dread the stress, the implications of wrong doing, guilty until (you prove your) innocence, the contrived accusations, and the accountant’s bill.

[Bshaw]

I’m an auditor and would not be concerned with their inquiry. I pay an up front fee that covers the cost of any accountant related work that would result from an IRS audit.

A nuisance yes, but beyond that, the IRS only has teeth if there is a legitimate problem. Therein lies my comfort at the prospect.