Affordable Care Act- Date reminders!!
You need to sign up for individual/family coverage on or before March 31, 2014 which is the deadline to sign up for coverage which, of course, is the last day of open enrollment.
It was uncertain if Americans would have to be covered by March 31, or just sign up by March 31 2014.
The deadline was confirmed by the Department of Health and Human Services earlier this week — people who buy coverage at any point during the open enrollment period will not pay a penalty.
Important Dates for Individual Mandate
Here are the key dates for open enrollment, getting coverage, and avoiding the individual mandate penalty:
- October 1, 2013: Online health insurance exchanges opened for plan shopping and enrollment.
- January 1, 2014: Earliest coverage date for new qualified health plans.
- !!March 31, 2014: Open enrollment for qualified health plans ends. If you miss this date, you will have to wait until fall 2014 to enroll, unless you have a qualifying event. Then you can enroll in a special enrollment period. .
- October 15, 2014 – December 7, 2014: Open enrollment period for 2015 coverage.
How Much is the Individual Mandate Penalty?
The individual mandate penalty is phased-in over three years:
- In 2014, the penalty is $95 per person up to a maximum of three times that amount for a family ($285) or 1% of household income if greater.
- In 2015, the penalty will be $325 per person up to a maximum of three times that amount for a family ($975) or 2% of household income if greater.
- In 2016, the penalty will be $695 per person per year up to a maximum of three times that amount for a family ($2,085) or 2.5% of household income if greater.
- Beginning in 2017, the penalties will be increased by the cost-of-living adjustment.
What Types of Health Coverage Counts?
However, if you have existing health insurance coverage, such as the following, you have satisfied the mandate:
*Coverage under government sponsored programs (e.g. Medicare and Medicare)
*Coverage under an “eligible employer-sponsored plan” (e.g. health insurance your job provides).
8Coverage under a plan offered in the individual market within a State (e.g. an individual plan purchased through the exchanges or through a broker).
*Coverage under a grandfathered health plan.
A “grandfathered plan” is a group health plan was in existence on the date of enactment of Health Care Reform, March 23, 2010.
*Other coverage, such as coverage under a State risk pool, that the Secretary of Health and Human Services (HHS) chooses to recognize as minimum essential health coverage.
Eric’s Insurance web page:http://www.ewconsultant.biz