All this talk about the Affordable Care Act (ACA) or “Obamacare” has got me thinking a lot about it. Many, many years ago, I wasn’t able to get insurance under my husband’s employer and went without insurance for a long time. Thankfully during this period I didn’t have any major medical emergencies but now I see that we took a big gamble. Today, we are insured through his employer, but this hasn’t made the transition any easier… From out of pockets to in-network doctors all this factors have to be taken into consideration and because the Affordable Care Act (ACA) has changed the face of insurance plans we have had to relearn a lot about picking the right insurance plan to cover all of our medical needs. The importance of attaining the correct information to make an educate decision is now easier than ever, today I want to share with you the Reasons Why You Should Sign Up for Obamacare Before March 31, 2014!
You Should Sign Up for Obamacare Before March 31!
As you already know the Affordable Care Act (ACA) has brought major changes to health insurance for consumers. Insurance companies can no longer turn people down or charge them extra because of pre-existing conditions; young adults can stay on their parents insurance until age 26, and there are no more lifetime limits on insurance policies.
But WAIT, if you are buying your own insurance, there are important facts about the new law that you may not know. The new state-based Health Exchanges are open now, but with Open Enrollment ending in March, it’s important to learn how these facts could affect you.
Here are three important reasons you should enroll before March 31:
After March 31, you can’t get covered by health insurance until next year. Unlike previous years, the majority of consumers will only be able to purchase private health insurance during the annual Open Enrollment Period. Except for specific, special circumstances, you can only buy coverage for this year until March 31, whether you’re shopping through your state’s Health Insurance Marketplace or outside it. This is a big change from the past.
You are still free to change your health plan every year if you want to, but you have to wait. Open enrollment for next year will commence on Nov. 15, 2014 and run through Jan. 15, 2015. But coverage purchased during this period will only kick in January 1, 2015 at the earliest. Simply put, if you don’t enroll by March 31, 2014, you won’t be covered by insurance until at least January 1, 2015.
What constitutes a “qualifying life event” to change your coverage outside of Open Enrollment? Consumers will be given 60 days to make a change if they are:
Having a baby or a change in their marital status.
Losing their existing plan, for instance by leaving a job.
Having a change in income that makes them newly eligible or newly ineligible for tax credits to lower the cost of your premiums
Moving to another state.
Having an increase in income that makes them or a family member ineligible for Medicaid or CHIP.
Becoming “lawfully present” in the United States by getting a green card or other long-term non-tourist visa.
Getting out of jail.
You may be passing up free money for their health insurance. More than three-quarters of the people who have purchased a plan through their Health Insurance Marketplace will be receiving financial assistance in paying their premiums, according to the Department of Health and Human Services. It’s quite possible that you could be one of them.
Depending on your family size and income, you may be able to lower your monthly premium through a tax credit called the “Advance Premium Tax Credit.” For example, a family of 4 with an income up to approximately $94,000 would qualify for help. Without checking,you could be passing up this money to help pay for insurance. For a quick, easy way to see if you could qualify visit Consumer Reports’ HealthLawHelper.org.
Note: if your income is low enough, you or your children may be eligible for government-funded Medicaid and CHIP programs for lower-income Americans. These programs are exempt from open enrollment and you can sign up at any time.
Now that you know this extremely important information, please help spread this information. Tell your love ones & friends, no one should be without insurance.
Disclosure: I am participating in a paid outreach program for Consumer Reports.