Obama Care Overview

One of the largest components of Obama’s healthcare overhaul will go into effect in just a couple of weeks.

But according to a recent Pew Research Center/USA Today survey, just a quarter of those surveyed have a very good understanding of how the law will impact them. An NBC/Wall Street Journal poll shows that those lacking health insurance, the group the law is supposed to help, believe it won't do them much good.

People  will be able to purchase health insurance through “exchanges” -- some  of them run by the federal government, others by the states and others by a combination of the two.  The law requires uninsured  people to get insurance, but the survey found that uninsured people were  actually the least likely to know that. That’s especially true when it  comes to young people.  All   50 states and the District of Columbia will have exchanges. 

The   monthly premiums that you’ll see may seem high but many people will be eligible for  federal subsidies or they’ll  qualify for tax credits.  A recent report says about 80 percent of uninsured young people under 30 will be eligible for  subsidies or for Medicaid.

The fine for not having health insurance will be about $95 the first year but rising to nearly $700 in 2016.  You can apply to the exchanges by mail or online through March 31st 2014.

The exchanges will be offering coverage to those who need health insurance or to others who are looking for a better deal.  If you are covered by an employee plan you may not do any better in the exchanges.