MANDATE UPDATE 11/15/2013 If you feel like this applies to you or your friends please share, post comments, and invite your friends to join now. Many of us have heard that all Americans must carry insurance in 2014 or pay a fine. This is called the individual mandate and is what allows the new coverage to be guaranteed issue, or available to all, even those with preexisting conditions. But to whom does this mandate apply, when is the deadline, and how can someone ensure they will be in compliance? Lets look. WHO IS AFFECTED BY THE MANDATE? Those who are over 18-65 years of age and do not have health insurance through an employer or other source, or those who have an insurance plan that does not meet the minimum requirements and is not grandfathered into the new system will need to purchase insurance for 2014. WHAT HAPPENS IF YOU CHOOSE TO GO UNCOVERED? Unless you can claim an exemption (https://healthcare.gov/exemptions/) from the mandate you will pay the fine which is 1% taxable income or $95 per household member whichever is greater with $285 being the most one would pay in 2014. There are very very few situations in which it would be advisable for someone to pay into a system and receive nothing in return. WHAT IS THE DEADLINE TO HAVE COVERAGE? Up until recently the deadline to be covered and not experience a fine was February 15th even though the open enrollment extends to March 31st. However new legislation has pushed the deadline back to the end of open enrollment and allowed people until March 31st to enroll without incurring the fine. The process of enrollment is not difficult but it is a process and I would advise people begin as soon as possible to make certain they will be in compliance. WILL THE INDIVIDUAL MANDATE BE EXTENDED FURTHER? It is hard to say whether it will be and what will be the details of it. Some of my sources are indicating that there is a chance that it may be delayed, but the extent to which and the geographic area affected are still unknown. Whether it is delayed or not will have little impact on the knowledgeable consumers decision making, but it may give some more time to delay making any efforts towards a decision. You will be among the first to know and have all your questions answered here in a timely and non-political way. Remember if your source of knowledge is a news source to take it for what its worth and always seek the facts from a licensed professional. Dont forget if you feel like this applies to you or your friends please share, post comments, and invite your friends to join immediately. The topics to come could save many hundreds or thousands on annual premium. Your Insurance Agent, Tyler Bourne
Posted on: Fri, 15 Nov 2013 13:45:24 +0000
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