Oct 28, 2016 06:06 AM EDT

Obamacare Mastermind Jonathan Gruber Says System Working As Planned; Five Lesser-Known Facts You Need To Know About Obamacare

One of the masterminds of President Barrack Obama's Affordable Care Act or "Obamacare" said the system is "working as designed." Jonathan Gruber, an MIT economics professor, appeared on CNN and said the system is working, but it could work better.

Gruber said the law is working and "there's no sense in which it needs to be fixed. He adds, though, that it needs a "larger mandate penalty", as there are "individuals who are essentially free-riding on the system."

The Washington Times report that it means to raise the fines or taxes, as the Supreme Court calls them, for not having Obamacare-complaint health-insurance plan. The White House had announced that it would increase the premium for up to 25 percent in 2017.

With the premium for Obamacare increasing in 2017, it's important that you know and understand what the law is. Obamacare Facts have provided important facts that you need to know about the law and we have handpicked what we think is important:

1.       You need to get health insurance if you can afford it. Individuals will need to pay a tax for every month that they go without coverage or an exemption.

2.       When you buy private insurance on your own outside of the Health Insurance Marketplace, make sure it isn't a short-term health policy. Verify and ask if the insurance policy you're buying counts as "minimum essential coverage." It's also important to take advantage of the requirement that all plans must offer basic care.

3.       Plans that are purchased at HealthCare.gov or your state's marketplace are the ones that only qualify for cost assistance to lower premiums and out-of-pocket costs.

4.       By 2016, large businesses will have to cover their employees. Individuals who have access to employer-based coverage can't get cost assistance.

5.       You can't get private coverage outside of open enrollment unless you recently had a major life change. There's a risk that individuals buying a plan outside of open enrollment will end up with a plan that doesn't protect them from the fee.

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