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(NECN) - The health insurance marketplace opens October 1 and closes March 31, 2014. If you do not obtain health coverage by next year, or get an exemption, you will have to pay a fee.
According to the state, the affordable health care program will actually help Massachusetts maintain and expand on health insurance coverage gains. Still, it's complicated.
Joining us to explain from our Suffolk downtown studios is Glen Shor, secretary of the office for administration and finance.
Shor says we have nation-leading level of coverage with 97-percent of the residents are insured. He says roughly 200,000, or 3-percent, are not insured and most are lower-income adults. Some are young adults, however, and this will expand coverage for them.
“The Affordable Care Act closes the donut hole for med care prescription drug care making prescriptions more affordable for our seniors,” Shor says.
Starting in 2010, the Affordable Care Act eliminated co-pays for preventive health services, Shor says.
He says the small businesses benefit under the Affordable Care Act by virtue of the fact that the Affordable Care Act creates new federal tax credits that for certain small employers can offset about 50-percent of their premium.
Watch the attached video for more.