The open enrollment period for 2014 ends in just a few days. If you want to buy a plan on the health care exchanges, you’d better hurry. The next open enrollment period doesn’t begin until Nov. 15, 2014. Those who have a “qualifying life event,” for example people who move or marry, will be eligible for special enrollment. There are two good reasons to go ahead and sign up. First, it’s required by law, and unless you have health insurance already, you will face a penalty of $95 per person or 1 percent of household income, whichever is higher. In addition to the penalty, you will be on the hook for all of your medical expenses. Those who have insurance through their employer, the government or an existing individual plan are exempt, but consumers with so-called grandfathered plans, the latter group, may still be interested. The reason is that the Affordable Care Act puts strict regulations on the plans purchased through the exchanges and those plans also offer new benefits. Insurers are much freer to take out the cost of those benefits on people who are not protected by the ACA, those with plans purchased outside of the exchanges. For example,.... CONTINUE READING BELOW:
Posted on: Sun, 23 Mar 2014 17:15:18 +0000
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