ACA

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Affordable Care Act (ACA)

The opportunity to enroll for the 2014 coverage year is nearing the cut-off date and many still have questions about where this health reform law will leave them. At Alex Bravos Insurance, we understand how daunting it is to have changes made to your health insurance and want to help guide you through how it will affect you and your family. 

Important Information

The last day to sign up for coverage for the 2014 coverage year is on March 31, 2014. If you do not enroll at this time and do not have health insurance, than you may be required to pay a fine through your tax return as a penalty for being uninsured. This fine for 2014 is $95.00 per adult and $47.50 per child (up to $285 for a family), or 1.0% of your family income, whichever is greater. These rates are due to increase drastically in the next few years for those who continue to go without coverage.

There are some exemptions that will allow you to forgo mandatory coverage such as qualifying plans, religious opposition to benefits from health insurance policies, or incarceration. If you have insurance through your employer or some other qualifying source of coverage than you will not be penalized or have to pay a fine. Those with a low income may qualify for Medicaid or Children’s Health Insurance Program (CHIP). These programs do not have a deadline and if you qualify you can enroll at any time and your coverage will begin immediately.

Once this open enrollment period closes you will not be able to enroll or make any changes your coverage options for 2014. The only exceptions are for qualifying life events, which could make you eligible for a special enrollment period. Examples of qualifying life events are: moving to a new state, changes in income, and changes in your family size such as having a baby or getting married. 

What now?

The deadline for open enrollment for the 2014 coverage year is quickly approaching and this can be a very stressful time for many people. Please feel free to contact Bravos Insurance today with any questions that you may have about this change in healthcare or if you need more information about how these changes will affect you. We want to make this conversion as easy for you as we possibly can so you and your family can feel comfortable about your coverage moving into 2014.