On March 23, of 2010 President Obama signed the the Patient Protection and Affordable Care Act (PPACA), commonly called the Affordable Care Act (ACA) or Obamacare. The law mandates that everyone have health insurance that meets minimum requirements, or pay a tax penalty for not having "creditable coverage". We can help you understand how it works, pick out the best plan for you, and help you enroll electronically without having to sign up for the government website and all the head aches that entails.
On April 13, 20017 CMS released the Market Stabilization Final Rule, which finalizes changes that will help lower premiums, stabilize individual and small group markets, and increase choices for Americans. The rule amends standards relating to special enrollment periods (SEPs), guaranteed availability, qualified health plan (QHP) standards on network adequacy and essential community providers, and rules around actuarial value requirements. The rule also changes the timing of plan years 2018 and 2019. Open Enrollment in the Individual Marketplace to extend from November 1 through December 15 each year in order to have an effective date of January 1st.
Did you know?...It does not cost YOU one cent more to have your very own licensed agent explain to you your options, help you enroll, and be there for you throughout the year when needed.
What happens if I don't buy health insurance?
STM Enrollment Update:
Officially, the Obama-era penalty for not having health insurance ends on December 31, 2018. The penalty is 2.5% of your household taxable income. For someone with $100,000 of taxable income, that would equal $2,500.
But under the Affordable Care Act, an individual can go three months without having coverage and not pay the penalty. That means that those who are covered under an ACA plan could drop their plan on October 2, and not pay a penalty for the remainder of the year.
And — by the way — the Trump administration just announced that starting October 2 you can buy a short term medical (STM) plan for up to 364 days of coverage, and be renewed for up to 36 months. Just a coincidence? Let the political pundits argue that one.
If you have questions as always give us a call at 765-746-6459
Did you miss the annual enrollment period to buy coverage? Did you loose coverage during the year? Did you have a life qualifying event or move to a new area? There are many reasons you may need coverage outside of the annual enrollment period, click the link below to see if you can buy coverage now through the marketplace.
Short term medical plans, coverage through your job, as well as the ACA can leave you with deductibles, co-pays, and max-out-pocket amounts that can affordably covered with an additional plan. Click a banner below to quote and enroll in a plan to fill the gaps.
Need coverage for a short time between jobs or just looking for a more affordable solution? Check out short term medical plans! Get a free quote or enroll here.
The Affordable Care Act explained in simpler terms here. Click any BLUE link in our presentation to get even more information on that topic.
Subsidies explained! ....straight talk from the Marketplace to help understand just how subsidies work.
* For 2017- 2018 the penalty percentage will remain 2.5%. For 2019 the mandate to buy insurance is no longer in effect.
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