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Tom: Have there been any changes this year?

Mellody: First of all, the websites and portals for the healthcare marketplaces are much smoother, both in the case of the federal site and in the case of most of the state websites. This has been very helpful in encouraging people to sign up. Also, there is a significant change this year for employees of small businesses, or owners of small businesses.

This coverage year saw the introduction of the small business health options program, which opened in November in conjunction with the small business tax credits. This means that small businesses with fewer than 50 employees will get tax incentives to cover their workers, which will hopefully expand the number of Americans with access to employer coverage. Again, between this and the mandate for larger businesses, healthcare options for workers continue to improve.

Tom: Anything to keep in mind when we are signing up?

Mellody: Absolutely. When you are looking for coverage, take your time to know your options and understand the costs associated with them. For example, there might be new plans that offer better coverage, or ones that are more affordable. The monthly premium is important, but you really want to check out a policy’s out-of-pocket costs – including copays, co-insurance and deductibles. Secondly, check to see if you qualify for subsidies.

If you go to your exchange site, you can enter your income information to see if you are eligible to receive a tax credit toward the cost of your health insurance. Even if you received support last year, you need to enter your current information to make sure you get the correct amount next year. This is important because if you get too much of a subsidy, you’ll have to repay it when you file your taxes the following year.

Finally, you have to remember that this year when you file your 2014 taxes, if you went for 3 months without healthcare coverage, you are going to have to pay a fee. The payment for 2014 is $95 per adult and $47.50 per child (up to $285 for a family); or 1% of your household income above the tax return filing threshold for your filing status, whichever is greater. This is an annual fee, so they will charge you 1/12 of that number depending on how long you went without coverage.

For 2015, that number jumps to $325 per adult and $162.50 per child (up to $975 for a family); or 2% of your household income, whichever is greater. Finally, if you do not pay, the IRS will withhold money from your tax refund.

Tom: This is a lot of information. What if we need assistance?

Mellody: Great question! Thankfully, they have this covered too! If you need help, you can work with a local insurance agent or broker, you can go to localhelp.healthcare.gov, or you can call the federal consumer assistance center at 800-318-2596.

Tom: Fantastic! Thanks, Mellody!

Mellody: Have a great day, Tom!

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Monday Mondays: Obamacare Deadline Approaching  was originally published on blackamericaweb.com

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