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Healthcare Law ‘Obamacare’ Starts On October 1, Some Claim Affordable Care Act Will Sink Economy

Healthcare Law 'Obamacare' Starts On October 1, Some Claim Affordable Care Act Will Sink Economy

The healthcare law Obamacare starts state exchange signups under the Affordable Care Act on October 1.

As previously reported by The Inquisitr, October 1 also happens to be the date we reach the debt ceiling, which means a government shutdown is being threatened over healthcare laws.

The fight over the healthcare law has gotten ugly with Nancy Pelosi calling Republicans “legislative arsonists” for attempting to defund Obamacare. But critics of the healthcare law point out the Obamacare “premiums are actually much higher than what is currently on the market. And for those individuals opting to buy a basic catastrophic plan through the exchange, they will find they are ineligible for the subsidies supposedly intended to lower costs.” Studies show that 41 percent of small businesses polled have delayed hiring because of the healthcare law.

Obamacare needs 2.7 million young people to sign up for the state exchanges and spend $5,800 per year in order to break even on its budget. The situation is so dire that a NFL Obamacare promotion will attempt to help with this “war on bros,” which is what people are calling the marketing of the healthcare law Obamacare to the 18 to 35 crowd.

Worse, the Obamacare delay will cause further financial problems because Congress was counting on about $10 billion in employer-paid fines to help fund the healthcare law through 2015. In 2010, the CBO projected Obamacare would cost $944 billion over ten years, but as of 2013 the CBO is guessing Obamacare will cost about $1.76 trillion.

Obamacare Healthcare Law Starts: How It Affects You

At least for individual Americans, the healthcare law Obamacare starts on October 1, 2013, when healthcare law sign ups for the Obamacare state exchanges will begin. Obamacare implementation has been delayed for business although the requirement to keep track of individual finances has also been delayed. The marketplace will be accessible at www.healthcare.gov or by calling (800) 318-2596.

Tax credits will be available to uninsured individuals who have incomes between $15,860 and $45,960. A family of four can receive tax credits for incomes between $32,500 and $94,200. Employees who pay more than 9.5 percent of their wages to participate in an employer’s health plan may receive tax credits.

The self-employed and workers at businesses not offering health insurance will need to file paperwork showing what they project their family might make in income over the next couple years. Follow this link to a handy-dandy Obamacare subsidies calculator that will show you how much you might expect to pay based upon your income level. But beware that Obamacare subsidies come packaged with Obamacare tax surprises if your estimates are too far off.

You should also be aware of Obamacare scams claiming to be related to the healthcare law. And ignoring the healthcare law is not an option because you will be fined.

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