Get the Facts, Benefits, Extensions, Penalties Down to the Penny About THE AFFORDABLE HEALTHCARE ACT a.k.a “OBAMACARE”

According to a poll by the Kaiser Family Foundation, unfortunately, 6 in 10 uninsured Americans are still unaware of today’s deadline to enroll in the individualized health insurance plan under the Affordable Care Act for coverage [a.k.a “Obamacare.”].

Despite the potential subsidies offered to help reduce the cost of insurance premiums and despite the 4 million people reported having visited healthcare.gov since beginning of last week, and the 6 million people (and counting) having signed up for a plan already-for whatever personal or political reason; a new survey found that over half of the country’s currently uninsured plan on taking advantage of this option:

  • Ignore.

No matter how true and great “health is wealth” sounds; still, many are opting to ignore the plan being completely unaware about the Affordable Care Act’s law, its key provisions and how it could benefit them.

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WHAT ARE THE BENEFITS?

  • It gives states the option of expanding their Medicaid programs
  • It provides financial help for low to moderate income individuals to help them purchase coverage
  • It makes coverage available to all + low to moderate income individuals where otherwise, whether unemployed or underemployed, they would not have the option to get health insurance

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IS TODAY (MARCH 31) REALLY THE LAST DAY?

  • Today (March 31) is the last day to start the process (at Healthcare.gov)
  • If you are unable to finish the application process by tonight, you will be given an extension to complete the process (some state exchanges are granting similar extensions). Extensions are given upon asking and are only good through mid-April (most probably-tax day)

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HOW LONG DOES THE APPLICATION PROCESS TAKE?

  • It takes all but 10/less than 15 minutes for single person covering themselves. It ultimately would depend on the size of your family composition. The questions are simple and the site (healthcare.gov) is user-friendly.

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WILL I BE FINED FOR NOT TAKING ADVANTAGE?

  • Yes. You may be subject to federal fines
  • Additionally, if you do not get covered by tonight (March 31) you will not be able to purchase a plan until November 15, 2014. If you are uninsured, don’t gamble with your healthcare!

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HOW MUCH WILL I BE FINED IF I DO NOT GET INSURED BY MARCH 31?

  • You will face a penalty of $95 per person (or $47.50 per child under age 18), or 1 percent of your yearly household modified adjusted gross income, whichever is greater.
  • According to Healthcare.gov: “Only the amount of income above the tax filing threshold, $10,150 for an individual, is used to calculate the penalty  

For example:

A single person whose MAGI (Modified Adjusted Gross Income) is

$35,000, the penalty would be $249 which is ($35,000 – $10,150 = $24,850 x 1 percent which = $249)

Keep in mind that $95 is the bare minimum penalty.

Most likely, you will have a bigger penalty if you do not get coverage.

The penalties for not getting coverage will increase every year:

In 2015 it will be 2% of your MAGI or $325 per person

In 2016 you’ll pay 2.5% of your MAGI or $695 per person

NOTE: Paying penalties still does not insure you, you are still responsible for your own medical care and medical bills if you did not get coverage!

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ARE THERE ANY EXCEPTIONS FOR ENROLLING IF I DO NOT TAKE ADVANTAGE OF ENROLLING BY MARCH 31?

  • Only people (who miss the March 31 deadline) that experience life-changing events such as:
    • Job loss
    • Marriage
    • Divorce
    • New addition of a family member

…will be able to purchase individual insurance before the next open enrollment date of November 15, 2014

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WHEN DOES COVERAGE BEGIN IF I ENROLL BY MARCH 31?

  • May 1, 2014

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It’s one thing to know the facts, benefits, penalties and still elect not to get coverage. But it’s a shame to not be educated on it, need it, and disregard getting coverage.

The abovelisted should get you going !

Don’t be an April Fool. Sign up by March 31.

GO!

If You Do Not Have Insurance, Don’t Ignore it! Don’t Let Your Feelings About One Man and His Plan Cost YOU Money or YOUR Life! HEALTH IS WEALTH!

 

 

Source: Money/MSN.com