Here are some of the more important requirements and provisions of Obamacare that you need to understand:
- The law orders you to buy health insurance.
- You can go 2 months each year without insurance and pay no penalty.
- If you are under age 30, you may be able to get a high-deductible, lower premium catastrophic plan.
- If you are over 30, you may still be able to get a hardship exemption and get a catastrophic plan.
- On February 15, 2017, effective immediately, President Trump ordered the IRS to NOT collect the penalties. Don’t take our word for it; read the news on Nolo.com or on Forbes or on the LA Times.
- If you do not receive a subsidy, the premiums you now pay are both a premium and a tax – the Supreme Court ruled on this, there is no dispute about it: a large portion of your premium is a tax so that the government can subsidize other people’s premiums. That’s the biggest reason why health insurance is now so expensive.
- There are ways to save money on the insurance, see this page