2014 open enrollment is ending

Open enrollment, that period when a person is allowed to sign up for health insurance under the new health care law otherwise known as Obamacare, ends March 31, 2014. If you enroll by then you could have coverage in force for an effective date of April 1, 2014.  If you haven’t enrolled in coverage by then, you are probably out of luck in regards to obtaining health coverage the rest of this year, unless there is another rule change. The next open enrollment period begins November 15, 2014 for a policy effective date of January 1, 2015. Meaning, your health insurance coverage wouldn’t start until January 1, 2015.

Obtaining coverage outside of open enrollment is possible but limited. You may buy insurance outside open enrollment if you qualify for a special enrollment period due to a qualifying life event such as marriage, divorce, birth or adoption of a child, or loss of a job, but that’s the only way.

Important health insurance marketplace dates & rules you need to know

• March 31, 2014: Open enrollment for this year ends.
• November 15, 2014: Proposed date for 2015 open enrollment to start for a possible effective policy coverage date of January 1, 2015.
• January 15, 2015: Proposed date for 2015 open enrollment to end.
• Rule: If you enroll between the 1st and 15th days of the month, your coverage starts the first day of the next month in most cases except for this month.
• Rule: If you enroll between the 16th and the last day of the month, your coverage starts the first day of the second following month in most cases. So for example, if you enroll on February 19, your coverage starts on April 1.

Monetary fines & penalties for non-compliance

There are now, courtesy of the new healthcare law, monetary Penalties or fines for those who go without health insurance.  Violators of the new so called “Individual Mandate,” the term used for the requirement we all have to sign up for health insurance or pay a fine, will be enforced by the IRS.

The size of the penalty is phased-in over three years:

• In 2014, the penalty will be $95 per person up to a maximum of three times that amount for a family ($285) or 1% of household income if greater
• In 2015, the penalty will be $325 per person up to a maximum of three times that amount for a family ($975) or 2% of household income if greater
• In 2016, the penalty will be $695 per person per year up to a maximum of three times that amount for a family ($2,085) or 2.5% of household income if greater

Financial fines & penalties, irksome as they are, pale in comparison to the potential unpleasantness of facing surgery, disease, or a long-term illness  with no health insurance, especially when you find out the cost.

Here are some average costs to put things into perspective ¹

√  Spinal Fusion,  typically used to treat conditions such as a slipped vertebra, fractured vertebra or other spinal  instability, typically costs $80,000 to $150,000

√  Mastectomy, typically costs more than $15,000-$55,000 not including breast reconstruction.

√  Heart Bypass surgery, typically costs about $70,000-$200,000 or more.

√  Broken Leg that requires surgery, $17,000-$35,000 plus.

√  Brain Surgery can costs upwards of $750,000, not  including drug medications.²

 Deerfield can help

Deerfield can help you get Health insurance in place. If you want to check prices & coverage from the top carriers click here  for access to our private exchange.   Then call us & we can finish the process for you. Our best advice, don’t play “Russian Roulette” with your savings, get health insurance now!

The Deerfield Team
800.233.6428
j@deerfieldadvisors.com

1 – Average price source: CostHelperHealth

2 – Wiki Anwsers

DISCLAIMER

This article is intended only as a general discussion of these issues & we cannot guarantee the accuracy thereof. It does not purport to provide legal, accounting, or other professional advice. If such advice is needed, please consult with your attorney, accountant, or other qualified adviser. The Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Accordingly, the information provided herein is provided with the understanding that Deerfield Advisors is not engaged in rendering legal advice. Deerfield Advisors strongly advises that clients and/or the reader of this publication contact an attorney to obtain advice with respect to any particular issue or problem discussed here. Also, please know that discussions of insurance policy language is descriptive only. We strongly advise that one’s individual policy & one’s advisor be consulted regarding this subject matter before any action is taken in any way. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. The Deerfield Advisor White Paper Series is a registered trademark of Deerfield Asset Management Inc. DBA, Deerfield Advisors and is produced by Deerfield Advisors for the benefit of its clients, and any other use is strictly prohibited. All rights reserved. Copyright © 2014.