Affordable Care Act Timeline

In 2014 there will be many changes implemented in the Affordable Care Act. Some of the changes affect individuals while others only affect companies, but the ACA will indeed affect many Americans in the coming months.

Important ACA Dates 2014

The first change is that all registered U.S. citizens are now required to have a Qualified Health Care Plan. Failure to obtain one will result in an individual having to pay a fine. However, there are exceptions to this rule.

Anyone who has gone without insurance for less than three months due to starting a new job is an exception to the rule. It also applies to families going through financial hardship, which is defined as the cost of the lowest insurance plan if that cost totals more than 8% of the combined income of all household members. Native Americans and those who object on religious grounds are also exempt from this rule.

Here are the important dates to watch out for in 2014 if you are not exempt because of any of the afore mentioned reasons:

• March 31, 2014: Open enrollment in the healthcare exchanged for each state will close. If you intend to get healthcare coverage through this marketplace, you must be enrolled before March 31st to avoid the fines associated with not having coverage this year.
• November 15, 2014: Open enrollment re-opens for coverage beginning in 2015. This is your chance to once again choose a plan from the government assisted marketplace.
• January 15, 2015: Open enrollment closes again, and anyone not covered at this time will incur the tax penalty for 2015, which is significantly higher than the penalty being charged in 2014

If you have any questions about how the ACA will affect you, or if you need help finding the right insurance plan for you and your family, contact Brines Insurance today for more information. We understand that new healthcare changes can seem overwhelming, and we know the value of an expert team to get you through the process smoothly.