BURLINGTON, Vt. -
Thursday's U.S. Supreme Court decision clears the way for the Affordable Care Act to be fully implemented.
It can be confusing, especially the individual mandate.
That's the requirement that everyone have health insurance or face a penalty. It goes into effect in 2014 and we found answers to how the individual mandate will affect you.
Q: In 2014, if I have insurance, do I have to do anything?
A: Absolutely not and that's the case for most Americans. Now the cost of your plan might change.
The Obama Administration says it could go down because the law cuts co-pays and limits expenses. But critics say you'll pay more because the law expands more coverage to more people.
Q: But what if I work somewhere that doesn't offer insurance?
A: If you work somewhere with more than 50-people, your company will have to offer insurance or face fines.
Q: But let's say still I work somewhere that doesn't offer insurance or I'm not working. What are my options?
A: It all depends on how much money you make. A lot more people will qualify for Medicaid which will expand.
To qualify, for a single person, you need to make less than $14,000 and $29,000 for a family of four.
Q: What if I make more than that?
A: Then you are required to buy a health insurance plan. A single person will receive help to buy a plan if they make less than $45,000. A family of four also receives help if they make less than $92,000.
Q: If people make more than that?
A: Then you'll pay full price.
Q: We've all heard that we have to have insurance. What if we don't?
A: When you're doing your taxes, you'll have to admit you don't have insurance and pay a fine.
By 2016, that's $695 for just one person or for a family $2,085 dollars, or 2.5% of your income, whichever is more.
But there are several exemptions including income, religious, hardship, for being American Indian, or the only plans you can buy are too expensive. Needless to say few people will pay the fine.
