Race to Renew

Before the Affordable Care Act takes the full effect on January 1, 2014, many small business owners are trying to renew their policies. 2014 may be the last year most companies will even offer health insurance. People who are not insured by Jan. 1 may face a penalty. Each year, the penalties will increase:
2014 annual penalty is $95/person with up to a maximum of $285 per family OR 1% of family income.
2015 annual penalty is $325/person with up to a maximum of $975 per family OR 2% of family income.
2016 annual penalty is $695/person with up to a maximum of $2,085 per family OR 2.5% of family income.
Whichever is the greater amount, is what the family will be penalized with. Children penalties are half of the amount.
If you are already insured, children can remain on their parent's plan until they reach the age of 26.
Companies are restricted to drop you if you become sick. Also, after the deadline employers can still adjust premiums, plans, and deductibles.
For college students, the insurance options are either with a school plan or with parents if the student can't afford it. Students who can't afford insurance, but make an income that is above the federal poverty level can qualify for Medicaid benefits. Other inexpensive plans are good for students but will only cover situations where intensive care is needed.
Citizens who have low income may be exempt, but they have to have certain qualifications. If you are exempt, that means you must pay more than 8% of your family income. If you do not fit the qualifications, but the insurance is still too high for you, you can use the Health insurance marketplace to find lower costs on monthly premiums.
Lastly, if you are over the age of 65, the health care closes the temporary limit on what the drug plan covers. Medicare covers preventive care services.

The population needs to be informed about the causes and effects of Obamacare. The people must know their options before having to pay hundreds of dollars annually.