Our Blogs

Understanding that there are so many questions and some unknowns about the new law and how it affects individuals, I wanted to post a quick note on what many may not fully understand as part of this law – whether you are new at buying individual insurance or more importantly, seasoned at it.  Should you want/need to make a change in the future, keep this in mind.

A couple of the big changes:

1)      You will no longer – at least in the state of Michigan – purchase healthcare coverage whenever you wish.  Just like your employer sponsored coverage, you can only make changes during open enrollment – or if you have a qualifying family status event change that would constitute a need to change (or if your insurance company cancels your plan)

2)      If you do not have coverage and do not purchase it by March 15th (for an April 1 effective date), you will be unable to purchase coverage again until January 1, 2014.  (most insurance carriers are following this rule on or off the exchange/marketplace – this is not just an Obamacare rule) Some may extend the deadline to the 25th of March…

3)      No coverage – penalties are paid when you complete your 2014 taxes – $95 or 1% of your household income, whichever is more.

4)      If you are a business not offering healthcare coverage – why should you be concerned. You employee (s) could be sick and not getting care, hence not showing up for work. And/or they could run into financial difficulties which will keep them from performing at peak levels

My biggest concern is that people are playing the “waiting game”, thinking if they need coverage they will just purchase it when they need (no more pre-existing issues – right?)  but just like car insurance,, when you need it you can’t buy it.  That is how insurance works….

I will spend a little more time on this topic later…