The 5 Most Common Affordable Care Act (Obamacare) Misconceptions by Cook Martin Poulson, P.C.www.cookmartin.com

My Employer Is Required To Provide Coverage

Employers are not necessarily required to offer health coverage to employees. Beginning January 1, 2014, large employers (those who employ more than 50 full-time employees) will be required to offer affordable health coverage to eligible full-time employees. Employers below the 50 full-time threshold are not required to offer health insurance to employees.

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Everyone must enroll through state or federal exchangesThe only individuals who will be required to enroll through the state or federal exchanges are those individuals who do not currently have “minimum essential coverage”. Individuals can still purchase their insurance directly from the insurance providers, but if they do, they will not be eligible for premium subsidies available from the federal government for individuals or families with household incomes under 400% of the federal poverty level.

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My state doesn’t have an exchange, so I’m not required to enroll

States were given the option to develop their own individual exchange or defer to the federal exchange. Only 16 states currently have state-run exchanges. Some states are at various phases of implementing their own exchange, but more than half of the U.S. defers to the federal exchange. Any State that defers to the federal exchange does not exempt residents of that state from The Affordable Care Act.

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The Affordable Care Act is going to cost me a lot of money

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Many individuals who enroll through the exchange will find they are eligible for premium subsidies and may actually find their cost is lower than what they were previously paying for coverage. Those individuals or families who’s household income is below 400% of the federal poverty level will qualify for premium subsidies.

The Affordable Care Act is government insuranceThe federal government, under The Affordable Care Act, does not sell or offer insurance. The individual exchange allows you input your information and gives you premium coverage rates for varying levels of coverage offered by several different insurance companies. Based on the information input, you may qualify for a premium credit that may drive down your cost even further.

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