The "Individual Health Mandate" of the Patient Protection and Affordable Care Act (PPACA) requires that individuals purchase health insurance if they are not offered a plan from their employer. The Health Insurance Exchange will open on October 1st, 2013 to assist individuals and families purchase health insurance and determine if they are eligible for a government subsidy to help pay for the premium.
Please see the following Frequently Asked Questions about purchasing your individual/family health insurance through the Exchange:
If I enroll during "Open Enrollment", when will my plan go into effect?
Open enrollment begins on October 1st, 2013 and will go through March 31st, 2014. If you enroll between October 1st, 2013 and December 31st, 2013 you will have an effective date of January 1st, 2014. If you enroll after January 1st, 2014 your coverage will go into effect on the first of the month following the month you enrolled (for example: if you enroll on February 12th, 2014 your effective date will be March 1st, 2014).
How can I determine if I qualify for a subsidy to help pay for my insurance?
In general, if you are not offered group health insurance from your employer and your Adjusted Gross Income (AGI) is under 400% of the Federal Poverty Limit you may qualify for government assistance to help pay for your insurance. it is important to note that each individual situation/subsidy calculation is different so it is important that we gather the appropriate information from you.
The professionals at Altruis Benefit Consulting can help you determine your eligibility for a subsidy and walk you through the application process.
To determine how much you qualify for today!
If I qualify for a subsidy, can I apply for coverage outside of the Health Insurance Exchange?
No, if you qualify for a government subsidy you must apply for coverage through the Health Insurance Exchange to utilize it.
What if I already have Individual Health Insurance? Can I re-apply through the Health Insurance Exchange?
Yes, and we strongly encourage you to do so. Subsides are not available for policies with effective dates prior to January 1st, 2014. As a result, you may be paying for coverage today and be eligible for a subsidy. The professionals at Altruis Benefit Consulting can help you determine if you are eligible for a subsidy and, if so, apply that subsidy to a Health Care Reform compliant plan starting January 1st, 2014!
What If I choose to not purchase health insurance at all next year?
As part of the "Individual Mandate" for PPACA, all individuals are required to have health insurance in 2014 (with some very limited exceptions). If you choose not to get coverage you will be penalized 1% of your income in 2014, 2% in 2015, and 2.5% in 2016 going forward.