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Healthcare FAQs

 

How much will an Obama Care policy cost me?

We have some clients qualify for a Federal subsidy that have a $0 premium on some plans.  In addition, help is available to some individuals that will lower out of pocket substantially.  Our quote software can help give you an idea of the subsidy you may be eligible for.

 

What is the deadline to enroll in health coverage?

Under the Affordable Care Act, individuals must have Minimum Essential Coverage by March 31, 2014 or they face a tax penalty.  After that time, you will need to meet a special set of requirements to enroll in coverage.

 

How can I qualify for a Federal subsidy?

Individuals with incomes up to $45,960 may be able to qualify for a subsidy.  Couples may be able to qualify with incomes up to $62,040 and a family of four may qualify with up to $92,000 in household income.  Contact us to review you situation.

 

Will I have to pay a penalty if I do not enroll in coverage by March 31, 2014?

Yes.  The penalty will be assessed to 1% of income above the Federal filing limit.  It will increase to 2.5% of income above the Federal filing limit by 2017.  Being assessed the penalty does not provide you with health coverage.  You will still be responsible for any health care costs if you are assessed the penalty.

What happens if I wait until after Open Enrollment to try to enroll?

After Open Enrollment, you will have to prove you are eligible for a "Special Enrollment Period" in order to obtain coverage.  This usually requires on involuntary loss of "Minimum Essential Coverage", such as an employer dropping coverage or not offering benefits.  The Marketplace will require documentation for these events in order to enroll.  If you cannot demonstrate circumstances for a "Special Enrollment Period", the next Open Enrollment opportunity is tentatively scheduled for November 15, 2014 to January 15, 2015.

 


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