Health Care Reform Deadlines

On March 31^st, 2014, the 1^st year of the Health Care Reform Act, (Obamacare) enrollment will come to a close.  As a last reminder, if you are eligible for enrollment this is what you can expect: …

If you currently have a health insurance plan, you will NOT be able to make ANY changes until the next open enrollment.  The next enrollment periodis November 15, 2014 through January 15, 2015.  Any changes made during this time will take effect January 1, 2015 or February 1, 2015.  If you are still planning to enroll, policies applied for by March 15^th will take effect April 1^st.  Policies applied for between March 16-March 31^st will take effect May 1^st.  As long as you make a decision by March 31^st you will avoid the penalty.  If you qualified for a subsidy (via the marketplace) be sure to check your results.  MANY require that you send additional documentation by the end of open enrollment in order to keep your subsidy.  The additional requirements can be sent via mail or uploaded to your marketplace account.  If you plan on mailing the documents I recommend sending it certified so you have proof that it was received.

 

You will be locked out of being able to join a major medical health insurance plan, unless you fall into a special life changing instance, such as marriage, child birth, divorce, widowed, loss of coverage, loss of group benefits, etc..  If you’ve chosen to do nothing, I highly recommend purchasing a critical illness/accident plan.  It is NOT the same as health insurance, but in the event you accidentally injure yourself, or are diagnosed with a critical illness, (cancer, heart attack, stroke, etc.), the plan will pay you an allotted amount ($5,000-$50,000).  The plans start as low as $20 per month for critical illness, and $15 per month for supplemental accident coverage.

The penalties you can expect to receive for not having health insurance are $95 per person ($47.5 per child under the age of 18) that will be on your 2014 federal tax return. This will increase in 2015 to 2% and to 3% in 2016.