Written By Guest Writer, Tanya Boyd
So, by now you’ve heard of it, the Affordable Care Act, and are probably just as confused as the next person. Don’t feel bad. It isn’t elementary, my dear.
I’d like to tell you that we’ve spent weeks, or even months training and learning as much as humanly possible, but the reality is, we have been training and preparing for years. Yet, here we are, Obamacare Eve, and there is still so much unknown. Below is a Q&A that we hope will be helpful.
Q: Do I have to enroll in an Obamacare plan in 2014 if I already have health insurance?
A: No.
Q: When does the Open Enrollment begin and End?
A:It begins October 1 and runs through March 31, 2014.
Q: What happens if I miss the Open enrollment period?
A:You will have to wait until the next open enrollment which will be October 2014 for 2015 effective dates.
Q:Will I be fined if I don’t get insurance in 2014?
A:Yes, 1% of your income or $95, whichever is greater.
Q:Do we pay more if we work with a broker?
A:Absolutely not. A good broker will always guide you and help you make the best choices for you and your family.
Q:Do I need to start early and try to get my application started on October 1?
A:If you think you may qualify for a subsidy, do not start on October 1. Systems need to be tried and tested. Glitches are likely. Mid October should be a good starting point.
Q:Who do we call to start our enrollment process:
A:Tanya Boyd & Associates. Trained professionals standing by. Bi-lingual representatives are available.
Q:What if I can’t afford it?
A:Individuals may be able to get a new tax credit and other cost-sharing assistance that lowers their monthly premium. Depending on their situation, they may even be eligible for a $0 premium plan. Individuals will be able to see what their premium, deductibles and out-of-pocket costs will be before making a decision to enroll. Take a peek at a subsidy calculator we have on our website: www.tanyaboydassociates.com
Q: Is it true that if I like my health insurance I can keep it?
A:Not really. If your plan is grandfathered, written before March 2010 with no changes since, you can. If it is Non-Grandfathered, your plan will have to move to an Affordable Care Act option when it renews in 2014.
Q:When I have to go on an Obamacare / ACA plan, what does that mean exactly?
A: All plans in the Marketplace will have to include the package of essential health benefits (EHBs) – 10 categories of benefits considered essential to good health. Where the plans differ is on how the costs of the benefits are applied.
Q:How will someone know if they’re eligible for the premium tax credit and cost-sharing assistance?
A:The federal premium tax credit is available for eligible individuals who purchase individual coverage in the Marketplace and whose 2013 household income is between $11,490 and $45,960 ($23,550 and $94,200 for a family of four).
The tax credit amount is based on the premium for the second lowest-cost Silver plan in the Marketplace, although individuals would be permitted to select any metallic level plan.
Additional cost-sharing reductions are available for those Silver enrollees whose household income ranges anywhere from $11,490 to $28,725 ($23,550 to $58,875 for a family of four)
Q: Are there advantages getting health insurance before 2014?
A: Yes! If you are healthy and know you won’t qualify for a subsidy, getting a plan in 2013 could save you hundreds! Don’t Delay…Get a Quote from Blue Cross Blue Shield of Texas
For all other carriers, please visit our website: www.tanyaboydassociates.com