Critical Deadlines and Information for the 2014 ACA Health Coverage Open Enrollment Period

The deadline to acquire an ACA compliant health insurance plan is almost here. If you have not yet obtained health care coverage, now is the time to act. MHG Insurance Brokers is available at any time to assist you with selecting the best plan to meet the health care needs of you and your family.

ACA Health Coverage Open Enrollment Period

Critical Deadlines and Information for the 2014 ACA Health Coverage Open Enrollment Period

March 15, 2014 is the deadline to meet in order for coverage to begin on April 1st.  March 31, 2014 is the last day of the 2014 open enrollment period, and if you enroll by this deadline, your coverage will commence on May 1st. The government is not penalizing anyone who has exceeded 90 days without maintaining health insurance coverage as long as they purchase a plan within this current open enrollment period. However, this decision by the government applies to the 2014 open enrollment period only, and is not inclusive of future enrollment periods.

If you do not purchase a health care plan during the current open enrollment period, you will not be able to purchase one again until the 2015 open enrollment period, and you could possibly face a penalty. The 2015 open enrollment period is tentatively set to occur between November 15, 2014 and January 15, 2015,

For people who have qualifying life events, such as a marriage, birth or adoption of a child, or death in the family, they will be able to obtain or change coverage during a special enrollment period for such qualifying events, which would start on the date of the event, and remain open for 60 days.

It is important to mention that short term medical plans are available throughout the year, but they do not satisfy the ACA requirements for essential benefits. Terminating a STM is not considered to be a qualifying life event that would make you eligible to purchase a health care plan during a special enrollment period.

For those with health care coverage who are not sure if their plan is adequate, take note that you are considered ACA compliant if you have coverage that is:

  • Job based insurance
  • Medicaid, Medicare, or CHIP
  • A plan that you purchased yourself prior to 2014 or a 2014 metallic plan (Bronze, Silver, Gold, Platinum)
  • A COBRA plan
  • Retiree coverage
  • VA health coverage or Tricare

If you are covered by any of the above, you don’t have to make any changes. If you are not sure if the plan you have is ACA compliant, MHG Insurance Brokers can assist you and answer all of your questions.

The ACA plans cover essential health benefits, pre-existing conditions, and preventative care.  The plans are typically less expensive when selecting one through the health insurance marketplace, as the price is based on income and the size of your household. MHG Insurance Brokers can assist you by speaking with you to determine what your family’s needs are that must be covered by a health plan, navigate the marketplace for you, and select a number of plans that would best serve your family. From those plans, your MHG insurance broker will further preview each plan with you, break it down and examine the provider networks, costs, and out of pocket expenses. Your MHG Insurance broker will evaluate if it is more advantageous to you to pay a higher premium and lower deductibles and copayments, or if the opposite would better serve you. Lastly, your MHG Insurance broker will explain to you your rights and protections under the Affordable Care Act.

With time dwindling to enroll, there is a lot of information to consider before selecting a plan. Contact MHG Insurance Brokers today at 954-828 – 1819 or by visiting online at: www.mhginsurance.com.  Here’s to a healthy 2014!

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MHG Insurance Brokers specializes in health insurance plans designed to meet the needs of marine captains, crew and contractors, expatriates and US residents. As a full-service insurance brokerage, MHG assists clients with crew insurance, life and health insurance, healthcare reform guidance, employee benefits solutions and business insurance. With over 20 years of industry experience and access to multiple US and international carriers, our insurance specialists can advise which insurance and financial services providers and products are best suited to address the needs of your company. Contact us today at 877-278-7400 to learn more.