Ready or Not... Obamacare

October 1st marks the beginning of sign-up for the federal exchanges for health insurance. Not everyone will be rushing to sign up, though.

If you're 65 or older, you are on Medicare. While you may have a supplemental policy, your main coverage is already through a federal program. For those on Medicaid, the exchange is not for them.  Mississippi did not expand Medicaid, so only those families with an income of $23,550 (4 people) and below qualify. When you go to the exchange, you'll answer questions about your income, so this will determine if you're Medicaid qualified or not.

If you work for a company that offers health insurance, you won't use the exchanges. Employers must complete the process to show existing coverage meets the new federal standards. Nationally, 2/3 of working people have coverage through their employer.

So who are the exchanges for?

Well, they are for working people who don't have coverage through their employer AND don't qualify under income requirements for Medicaid. Folks who work for small companies and folks in basic service jobs will find themselves using the exchange.

Having trouble finding the exchange for MS? Check with the State Insurance Commissioner. While Chaney's office won't be running the exchange, they should be up to speed on the process. The state office will offer a small company exchange, but watch out. There'll be no subsidies on this one.

If you go through the federal insurance exchange for MS, you'll answer those questions about your family and your income. You'll receive quotes on coverage, along with figures for the subsidy. These will actually be tax credits. The average is expected to be $2,700-- nothing to sneeze at!

You can choose a basic coverage, called the bronze level. It will have the lowest premium but the highest out of pocket expenses. The silver level is pricier but offers more coverage. Finally, you can opt for a catastrophic coverage that only kicks in after you've spent $12,700.

So, there are options. And what if you decide to NOT get insurance? Expect to get hit with a penalty of $95. Why not skip the insurance and just pay the penalty? Because you'll have health insurance! One big event in a year can pay for itself.

Coverage starts in January. So... ready or not!