Running out of time to buy health insurance this year!

Before we know it, the end of March will be upon us.  March 31st is the end of the first open enrollment period under the Affordable Care Act (ACA).   I want to take this opportunity to  stress the significance of the March 31st deadline that is quickly approaching. 

People who are uninsured only have  3 weeks left to enroll in an individual health insurance plan to get covered in 2014 (unless they have a qualifying event).  If a person doesn't like the plan purchased, they can always cancel it. But, if they don't enroll by March 31st, they will not be able to purchase a plan for the rest of this year.  

Only those individuals that experience a qualifying event can sign up for a Qualified Health Plan (QHP) after March 31st.  Qualifying events include circumstances such as an involuntary loss of minimum essential coverage or a change in family structure (i.e. marriage, having a newborn child). Most qualifying events will create a special enrollment period that lasts for 60 days.

Accidents happen.  It is important to remember that besides most likely having to pay a financial penalty anyone without health insurance will have to pay all of their own medical bills if they remain uninsured.

 Here are some average costs to put things into perspective: 

·         Emergency Room visit, $150-$3,000+.

·         Not including ambulance service, up to $1,200+.

·         Broken arm without surgery $2,500+, with surgery $16,000+.

·         Broken leg without surgery $2,000+, with surgery $17,000-$35,000+.     

Even if you decide to not purchase a health insurance plan this year, it is better to have made that choice knowing the potential consequences rather than finding out after it is too late.  

If I could, I would shout the deadline from the rooftops. Every uninsured individual we come across should be aware that they only have until the end of this month to enroll in a health plan or pay a financial penalty. 

I would like to encourage you to reach out to anyone you know who is still sitting on the sidelines or debating what they should and remind them that they are running out of time.   People who are uninsured have until March 31st to enroll in a qualified health plan and if eligible, obtain a tax credit and subsidy. 

Please do not hesitate to contact me with any questions!