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Iowa Health Insurance Exchange is moving closer to its October launch date.
As October 1st quickly approaches Iowa Governor Terry Branstad continues his push with the feds in Washington, DC. If the proposed plan is approved for the Affordable Care Act (ACA) also known as Obamacare, then an additional 150,000 uninsured Iowans will receive health insurance coverage.
Open enrollment for the health insurance marketplace starts October 1st and everyone is required to have health insurance coverage by January 1, 2014. To learn more about how the ACA will affect you in Iowa check out this health care policy page at Centers for Rural Affairs. 1.
The bottom line, you will be required to obtain health insurance through the Iowa Health Insurance Exchange or some other private or federal insurance program. If you do not carry insurance then you risk a tax penalty.
“You know, we had no real choice, and we chose the one that we thought was best for Iowa, which was the partnership exchange,” Branstad said. 2.
“It appears that our rates are going to be a lot better than a lot of other states. It is a complicated, difficult thing, and a lot of people question whether the federal government has the wherewithal or the ability to make it work.”
Moderate to low income families that do not qualify for Medicaid will be urged to shop on the Iowa health insurance exchange. There are many unanswered questions about the exchange, such as, exactly how much will be subsidized by the federal government?, What coverage types of coverage plans are available?, Who do people speak with if hey are having problems with their insurance company?
According to the proposed plan those incomes up to 100% of the poverty line would get a new state-run health plan with similar coverage as state workers. People with incomes of 101% to 138% of the poverty line would qualify to purchase health insurance through the healthcare marketplace and have premiums paid by the federal government.
This sliding scale of coverage allows for people earning up to $45,950 to receive some sort of government subsidy towards health insurance coverage. 3 Here is an info-graphic that further explains the details of federal health insurance requirements: The Requirement to Buy Coverage Under the Affordable Care Act. 4.
Many people do not fully understand the Affordable Care Act and its no wonder, the law weighs in at over 1000 pages. Have you read it? Didn’t think so. This video helps to explain an overview of how the law works, check it out.
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3. Federal Health Insurance Info-Graphic