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Ready or not tomorrow obamacare insurance exchanges are open for business what do you need to know about your coverage options foxbusiness.com reporter Kate Rogers is here with more OK -- everyone -- questions ready or not like it or not tomorrow -- -- big -- so.
October 1 can you started rolling on line what -- everybody need to now absolutely so tomorrow kicks off open enrollment period and this lasts for six months through march 31 when he fourteen.
Every American is currently insured should go to health care -- up and they can start looking around for a plan that works for that.
If they choose not to buy coverage by the end of this period they will be subject that 95 dollar penalty per year.
But it's important to note if you sign up tomorrow your coverage doesn't actually -- until January 1 to some people might -- a week a little bit longer before they sign -- that check and some of the online glitches can be worked -- in the meantime I think that the language Spanish language option -- -- for two weeks exactly.
So you on health -- backup you can find out if that -- you at all but definitely go tomorrow and start shopping around -- what -- the employers offer insurance Pakistan.
If your employer offers you coverage you can actually see it because have to be essential minimum coverage it's government approved.
But it's important to note if you do.
Choose your employer's plan you can't go for a government subsidy to lower your premiums because you're getting through your employer and not through state or federally run exchange a concern opting out of the government program if you're choosing entity.
And black -- yes exactly so what kind of coverage are we talking about what's going to be available to the average person -- -- still.
Well when you go to these exchanges will be different tiered plans everything from -- all the way up to a platinum plan.
But every -- now -- include these ten essential health benefits and those are things like.
Maternity care prescription drug costs ambulatory services all things like that will be included in the new plants let's talk about cost -- and it cost.
The average person all of course costs are gonna Barry across the board the Department of Health and Human Services came out last week and he said that for the average American.
An un subsidized plan per month would be about 320.
Now those who are making up to 400%.
Of the federal poverty level will be eligible for subsidies under the new -- and for an individual that's about 45000 dollars a year.
For a family of four that's about 94000 dollars a year and those subsidies help lower the costs of their monthly premium but.
Before those subsidies kick in and not -- not will be eligible for one.
The average monthly cost will be 320 dollars turn a lot of people are facing average costs going up as well what -- -- initiative that march 31 step I'm.
So if you miss the deadline he will be subject to -- 95 dollar penalty per year.
But if you have a major event in your life like a divorce or serious illness you can file paperwork with the government get your personal open enrollment period push -- he won't be subject that -- OK so there's a little flexibility on that back number then -- Kate and he's got my shaky practical information whether we are ready or not thank you coming up.
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