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SALT LAKE CITY — You've heard it labeled anything from health care reform to "Obamacare" to the downfall of America as we know it. But what does the Affordable Care Act really mean to you? According to the U.S. Department of Health and Human Services, 15 percent of Utahns — roughly 428,000 people — do not have health insurance coverage. The Affordable Care Act aims to close that gap and help families and businesses get the insurance they need. That said, many of the facts surrounding Obamacare have been buried in the hype of fanatical politicians, concerned Americans and terror-inducing lobbyists. Here's what you may not actually know about the Affordable Care Act:

It's already a law

Despite Ted Cruz's stirring rendition of Green Eggs and Ham and the ongoing debate to repeal/defund Obamacare, the fact remains: As of March 23, 2010, The Patient Protection and Affordable Care Act is already a law. The legislation was approved by the House and Senate and signed into law by the president. So if you're uninsured and procrastinating taking action until the law is "final," then you, my friend are behind the times. Sure, changes could be made in the future, but as of today, this whole Obamacare thing is happening — and you're required to comply.

Obamacare is not a single-payer model

"The socialists are coming! The socialists are coming!" Despite the fears from some about the implications Obamacare, the Affordable Care Act does not institute a single-payer system. In a true single-payer model, the federal government would provide comprehensive health care coverage for all Americans. The Affordable Care Act relies on the states to build and implement health care exchanges for their residents. These exchanges provide consumers with the ability to compare and select health care plans from various insurance carriers. Individuals and small business that already have insurance coverage don't need to use the exchange — but they can if they'd like.

If you already have health insurance, you now have added protection.

While you may cringe at the idea of heightened government regulation, keep in mind: It's not merely the uninsured who are affected by the Affordable Care Act. The law also allows added insurance protection for consumers. For example, parents can now keep their children on their health care plan until they are 26 years old, and insurance companies can no longer deny coverage if you or your children have pre-existing conditions. That means that your child with asthma or your husband with high blood pressure can get insurance coverage, period.

You're guaranteed value

Insurance premiums can be steep (we're talking black-diamond steep), and you likely want the peace of mind of knowing you're getting value out of your purchase — especially if that purchase is mandated by law. Under the Affordable Care Act, insurance companies are required to spend at least 80 percent of your premium on your health care, or you get a refund. According to the U.S. Department of Health and Human Resources, this means that about $4,582,857 will be refunded in the first year to Utah residents with private insurance coverage.

The Affordable Care Act may make care less affordable than you think

If you're looking for Wal-Mart-esque prices on your health insurance premiums, you're probably out of luck. While government subsidies will help cut insurance costs for lower-income Americans, many consumers will see a spike in their insurance costs if they use the exchange. According to the Wall Street Journal, the average premium price across the United States for bronze-level (catastrophic) coverage for a 27-year-old nonsmoker was $163 per month. This average rose to $203 per month for a silver (mid-tier) plan and $240 for a gold plan.

You really are required to get coverage

While the federal government isn't taking over your health care, it is certainly playing a bigger role (insert hyperventilation here). The Affordable Care Act now requires all Americans to purchase health care insurance or they will be fined. Initial penalties for those not covered in 2014 are $95 per person, but these fines will increase by 2016. Violators may then pay as much as $695 per individual or $2,085 per family.

You may be able to get an exemption

While the Affordable Care Act requires all Americans to buy medical insurance, you may actually be exempt from the law. Individuals who meet certain criteria will be able to apply for an exemption (the exemption form is not yet available). But before you throw an Obamacare exemption party, take note: exemption requirements are pretty steep. Among those that made the list are: having a very low income; belonging to a religious sect who opposes medical insurance; being a member of a Native American tribe; or living in the United States illegally.

It's not going to kill small businesses — most likely

While the new law requires businesses to provide their workers with medical insurance, it only applies to companies with 50 or more full-time employees. That's actually a very small percentage of all small businesses. According to the U.S. Census Bureau, in 2010 only 3 percent of small businesses had more than 50 full-time employees. Not to mention that most of these companies already provided their workers with health insurance.

Call it what you will, Obamacare is changing the face of health insurance in America. Love it or hate it, you should be prepared to change with it.

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This article was written on behalf of Arches Health Plan and not by ksl.com editorial staff. BrandView articles do not necessarily reflect the opinions of ksl.com or its owners.

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