Friday, July 31, 2015 05:25am
North Adams, MA now: 59 °   
Send news, tips, press releases and questions to info@iBerkshires.com
The Berkshires online guide to events, news and Berkshire County community information.
LOG IN | REGISTER NOW   

Home About Archives RSS Feed
The Independent Investor: What Happens If You Can't Afford Obamacare?
By Bill Schmick On: 05:13PM / Thursday May 23, 2013

We have all been inundated with the pros and cons of Obamacare. It has become so ubiquitous in our daily lives that most of us have simply tuned it out. We can't afford to do that much longer.

As most readers know, Obamacare, formally named the Patient Protection and Affordable Care Act, will become the law of the land on Jan. 1, 2014. However, as early as October of this year, a new way of buying health insurance will be available to consumers through an online insurance marketplace. So decision time approaches.

But what about all those who have no health care and believe they can't afford to buy it? What do they do? There have been times earlier in my life when I was unemployed. I could barely afford to feed and house myself let alone worry about health insurance. Besides, I was young, healthy and felt I would live forever so what did I need to shell out a couple hundred dollars a month for unnecessary insurance?  Fortunately I had no family at the time. If I had, I would have been in a real bind.

So I can understand how many of us look at this national health care scheme with anger and even fear. After all, the law says that if we don’t join up and obtain healthcare we are going to be fined. What many lower and even middle income families fail to understand is that there is help out there. All we need do is ask.

At last count there are nearly 26 million Americans that could be eligible for a health insurance subsidy, but few know enough about the provisions of the health care act to apply. I'll keep it simple. If you are a member of a working family with annual earnings between $47,100 and $94,200, you will most likely be able to apply for a subsidy. Over a third of those eligible to apply will be between ages 18 and 34 years old. Anyone who is not a member of a government health insurance program (Medicare or Medicaid) and does not have access to an affordable plan at their work place can apply to the government to help pay their premiums. These subsidies will be paid directly to the insurance companies, so there are no out-of-pocket expense requirements.

Starting in October, we will all be able to buy insurance through one of the state-run online health coverage exchanges with health coverage beginning in January. You will be able to choose between four levels of coverage: platinum, gold, silver and bronze. Each of the four plans will offer different premiums and out-of-pocket expense charges.

So let's say you are a family of four earning $94,200 a year and buy a silver premium plan. Preliminary estimates project that such a plan would cost $12,500, but that number could be higher or lower depending upon where you live. The government would pick up $3,550 of that. The exact amount depends on your actual earned income. The idea is to make sure that all individuals pay about the same percentage of their income for health insurance.

For those of us who already have insurance, you will have to decide whether to keep your existing plans or buy insurance on the online exchange. Naturally, you will be able to choose the provider you want based on who offers the most attractive package in terms of affordability and coverage. For all of us, be prepared for mistakes, misunderstandings and some confusion but that is no reason to stick your head in the sand. We are only three months away from making some important decisions so start paying attention.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.



0 Comments
     
News Headlines
Elms College Bringing Human Services Degree Program To BCC Campus
Mount Greylock Committee Decides on Addition/Renovation Plan
Advocates Call For Expanding Medicare On Anniversary Of Bill Signing
Pittsfield Election Concerns Over Jewish Holiday Quashed
Joan of Archetype: Playwright Explores Timeless Theme With Classic Story
Northern Berkshire Community Coalition Hosts National Night Out Events
Severs Leads Central Radio to Giorgi League Win
SteepleCats Fall to Last Place Keene
Adams Historical Society Brings Plunketts to Life
New Cafe Space Available In North Adams Library

Bill Schmick is registered as an investment advisor representative and portfolio manager with Berkshire Money Management (BMM), managing over $200 million for investors in the Berkshires. Bill’s forecasts and opinions are purely his own and do not necessarily represent the views of BMM. None of his commentary is or should be considered investment advice. Anyone seeking individualized investment advice should contact a qualified investment adviser. None of the information presented in this article is intended to be and should not be construed as an endorsement of BMM or a solicitation to become a client of BMM. The reader should not assume that any strategies, or specific investments discussed are employed, bought, sold or held by BMM. Direct your inquiries to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com Visit www.afewdollarsmore.com for more of Bill’s insights.

 

 

 



Categories:
@theMarket (175)
Independent Investor (237)
Archives:
July 2015 (5)
June 2015 (8)
May 2015 (6)
April 2015 (8)
March 2015 (6)
February 2015 (7)
January 2015 (9)
December 2014 (7)
November 2014 (4)
October 2014 (9)
September 2014 (5)
August 2014 (7)
Tags:
Deficit Election Japan Europe Selloff Debt Ceiling Europe Retirement Fiscal Cliff Stocks Banks Federal Reserve Euro Pullback Rally Debt Bailout Interest Rates Jobs Greece Commodities Stock Market Energy Metals Currency Crisis Recession Taxes Economy Markets Stimulus Housing Oil Congress Fed
Popular Entries:
The Independent Investor: Don't Fight the Fed
The Independent Investor: Understanding the Foreclosure Scandal
@theMarket: QE II Supports the Markets
The Independent Investor: Does Cash Mean Currencies?
@theMarket: Markets Are Going Higher
The Independent Investor: General Motors — Back to the Future
The Independent Investor: Will the Municipal Bond Massacre Continue?
@theMarket: Economy Sputters, Stocks Stutter
The Independent Investor: Why Are Interest Rates Rising?
The Independent Investor: How Will Wall Street II Play on Main Street?
Recent Entries:
The Independent Investor: Are You Ready for El Niņo
@theMarket: O Ye of Little Faith
The Independent Investor: When 'No' Means 'Yes'
@theMarket: Global Markets Weather a Wild Week
The Independent Investor: Same-Sex Marriage Good for Business
@the Market: Second Quarter Earnings on Deck
The Independent Investor: Tiny Houses Gain Appeal
@theMarket: From Russia With love
The Independent Investor: Robo-Advisers Have Landed
@theMarket: Don't Try to Trade This Market


Down Street Art and Polish...
Thursday was a big night in the Northern Berkshires with...
Park Street Fair (Hi-Jinks...
Park St. was closed off to traffic Monday night for the...
Gather-In Festival 2015
The annual Gather-In, a celebration of Pittsfield's...
'Romeo & Juliet' @ Pittsfield...
Free performances of 'Romeo & Juliet' run through Aug. 2 at...
LaFesta Baseball 2015
The LaFesta Baseball Exchange marked its 25th anniversary...
Bulldogs Win Cal Ripken State...
The Lanesborough Bulldogs used a big base-running play to...
Spark @ Naumkeag
Berkshire Creative held its July Spark mixer at the...
LL: Pittsfield vs Longmeadow
The 10- and 11-year-old Pittsfield National Little League...
Pittsfield Polish Picnic
St. Joseph's Church in Pittsfield hosted the annual Polish...
Pittsfield Babe Ruth WMass...
The Pittsfield Babe Ruth 15-year-old All-Stars beat Holden...
Shire City Sessions July 2015
The inaugural Shire City Sessions drew a crowd to hear US...
3rd Thursday June 2015
Pittsfield's 3rd Thursday monthly street fair featured...
Cheshire Block Party
Cheshire's first Block Party featured live music, food,...
Berkshire Museum Science...
The Berkshire Museum in Pittsfield hosted a free evening of...
Pittsfield Rally Against...
Residents gathered at Linden Street to call for community...
Eagle Street Beach Party 2015
A few shots from the annual beach party Friday night in...
Down Street Art and Polish...
Thursday was a big night in the Northern Berkshires with...
Park Street Fair (Hi-Jinks...
Park St. was closed off to traffic Monday night for the...
Gather-In Festival 2015
The annual Gather-In, a celebration of Pittsfield's...
'Romeo & Juliet' @ Pittsfield...
Free performances of 'Romeo & Juliet' run through Aug. 2 at...
LaFesta Baseball 2015
The LaFesta Baseball Exchange marked its 25th anniversary...
| Home | A & E | Business | Community News | Dining | Real Estate | Schools | Sports & Outdoors | Berkshires Weather | Weddings |
Advertise | Recommend This Page | Help Contact Us
iBerkshires.com is owned and operated by: Boxcar Media 102 Main Street, North Adams, MA 01247 -- T. 413-663-3384 F.413-664-4251
© 2012 Boxcar Media LLC - All rights reserved

Privacy Policy| User Agreement