Affordable Care Act Sign Up Date Approaches - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Affordable Care Act Sign Up Date Approaches

Posted: Updated:
BOZEMAN -

Beginning October 1, people across the United States can start signing up for the Affordable Care Act also known as Obamacare.

One major principal of the act is that everybody will have health insurance and if not they will be charged a penalty.

"They'll be able to choose a number of different policies at a number of different coverage levels," said Mike Fierberg, U.S. Department of Health and Human Services. "Nearly all of them will qualify for these tax credits that will help the cost of the policy."

People can sign up for health insurance plans online and in exchange they will receive a tax credit.

"They will get a tax subsidy to help lower the cost of the insurance. It will be paid immediately in the form of a tax credit paid to the insurance company," said Fierberg.

"The website will tell you the premium and then you get to calculate in a separate part," said Christiana Stoddard, Montana State University Professor of Economics. "The tax credit is different in different states, but how much do you have to pay based on your income."

Stoddard said currently in Montana there are about 200,000 people who are not insured and about another 50,000 who buy insurance directly from an insurance company.

With the Affordable Care Act, more people will be insured, which will hopefully drop the cost of premiums.

"The hope is that if enough healthy people sign up, it won't just be really sick people that are trying to buy insurance directly paying really high premiums," said Stoddard. "If we have a large group of people signing up, then premiums will drop for everyone that is on the exchange."

Stodddard predicts that a person buying insurance individually will pay less now then they have in the past, but there are concerns with this new system.

"By having all of those new people who now have insurance, will they use health care services a lot more and will that increase services? As a result will everybody pay high premiums then they would of without this plan," said Stoddard.

Individuals have until March 31 to sign up for an insurance plan without being fined.

The employer mandate, which requires employers to provide insurance to their employers will go into effect in January of 2015.

  • Most Popular

  • Most Popular StoriesMost Popular StoriesMore>>

  • LOOK: Photos Of 'Blood Moon' During Total Lunar Eclipse

    LOOK: Photos Of 'Blood Moon' During Total Lunar Eclipse

    Tuesday, April 15 2014 7:59 PM EDT2014-04-15 23:59:30 GMT
    KHQ.COM - It was a sight to behold! The blood moon lit up the heavens last night. If you slept thru it, no need to worry! We recorded the whole thing for you and many of our Facebook friends and viewers have shared the photos that they captured of the total lunar eclipse last night!
    KHQ.COM - It was a sight to behold! The blood moon lit up the heavens last night. If you slept thru it, no need to worry! We recorded the whole thing for you and many of our Facebook friends and viewers have shared the photos that they captured of the total lunar eclipse last night!
  • UPDATE: Deadly Shooting In Spokane Valley; Authorities Looking For Witnesses

    UPDATE: Deadly Shooting In Spokane Valley; Authorities Looking For Witnesses

    Wednesday, February 12 2014 11:40 PM EST2014-02-13 04:40:22 GMT
    SPOKANE VALLEY, Wash. - One man was shot and killed following a high speed pursuit that ended near the Spokane Valley Mall on Tuesday night. It started around 7:00 PM when Spokane Police received a call from a man who was in a car claiming to be unstable and threatening suicide by forcing police to shoot him. 
    SPOKANE VALLEY, Wash. - One man was shot and killed following a high speed pursuit that ended near the Spokane Valley Mall on Tuesday night. It started around 7:00 PM when Spokane Police received a call from a man who was in a car claiming to be unstable and threatening suicide by forcing police to shoot him. 
  • Former Griz Football Player Battles Cancer

    Former Griz Football Player Battles Cancer

    Tuesday, April 8 2014 7:00 PM EDT2014-04-08 23:00:04 GMT
    A former Griz football player prepares to take on different kind of physical challenge, after learning he has cancer. Former linebacker Cole Lockwood got his diagnosis just last week and is now recovering
    A former Griz football player prepares to take on different kind of physical challenge, after learning he has cancer.
  • Butte's Jewish Community Celebrates Passover

    Butte's Jewish Community Celebrates Passover

    Tuesday, April 15 2014 8:23 PM EDT2014-04-16 00:23:28 GMT
    For the second straight night, Jews across the world will sit down for a second Seder to continue the celebration of Passover. Passover is the celebration of the Jew's exodus from Egypt where they served
    For the second straight night, Jews across the world will sit down for a second Seder to continue the celebration of Passover.
  • Auctioned Bull Raises Money for Fellow Breeder

    Auctioned Bull Raises Money for Fellow Breeder

    Friday, April 11 2014 8:11 PM EDT2014-04-12 00:11:47 GMT
    Thousands of dollars were raised in a matter of seconds for a wounded rancher at the 5-L Red Angus Bull Auction in Sheridan Friday. A total of 300 bulls were sold in a matter of four hours, but one bull
    Thousands of dollars were raised in a matter of seconds for a wounded rancher at the 5-L Red Angus Bull Auction in Sheridan Friday.
  • The Beast on the MSU Defensive Line: Taylor Sheridan

    The Beast on the MSU Defensive Line: Taylor Sheridan

    Wednesday, April 16 2014 12:14 AM EDT2014-04-16 04:14:50 GMT
    Media and coaches have described defensive tackle Taylor Sheridan as physically imposing. The junior only knows how to play one way. "Aggressive. The past few years have been trying to get used to the
    Media and coaches have described defensive tackle Taylor Sheridan as physically imposing. The junior only knows how to play one way.
  • Bridger Bowl Closes For The Season

    Bridger Bowl Closes For The Season

    Monday, April 14 2014 8:08 PM EDT2014-04-15 00:08:27 GMT
    Ski season officially comes to an end for skiers at Bridger Bowl on Monday. Russel Ashby moved to Bozeman last year form Australia. This year was his first full season, skiing at Bridger Bowl."I really
    Ski season officially comes to an end for skiers at Bridger Bowl on Monday.
  • Local Food System Gets Dating Service

    Local Food System Gets Dating Service

    Tuesday, April 15 2014 8:26 PM EDT2014-04-16 00:26:50 GMT
    A non-profit plays match maker between local growers and chefs. The farmer and chef speed dating was put on by the Western Sustainability Exchange, a non-profit that works to conserve land in the west.
    A non-profit plays match maker between local growers and chefs.
Powered by WorldNow

Features

  • More Features
  • Powered by WorldNow
    All content © Copyright 2000 - 2014 WorldNow and Cowles Montana Media. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.