The Affordable Care Act provides comprehensive health insurance reforms that ensure Americans have access to quality, affordable health care coverage. Over the past five months, we have seen over five million Americans take advantage of new coverage options provided by federal and state-based health insurance Marketplaces, along with more than three million young adults who because of the new law are able to stay on their parents plan until they turn 26, and the millions more who are able to gain coverage through CHIP and Medicaid. With the open enrollment period for 2014 entering its final days, now is the time for self-employed business owners to sign up for a plan.
Enrolling now ensures you won’t have to wait until next year to get covered and provides the security and peace of mind that comes with knowing that once you are signed up, no one can take away your coverage if you get sick. Between now and March 31, self-employed individuals can purchase private insurance coverage from a range of options, and depending on income, could potentially quality for additional subsidies like tax credits or cost-sharing benefits through the Marketplace. And for 6 out of 10 uninsured Americans, they can get covered for under $100 per month.
Here are the important dates self-employed business owners need to know:
For self-employed small business owners, open enrollment for 2014 coverage ends March 31, 2014. The exception is if you have a qualifying life event that provides you with a special enrollment period such as marriage, divorce, birth or adoption of a child, or loss of a job.
The next open enrollment period won’t be until November of 2014 for coverage beginning January 1, 2015.
You can apply for Medicaid or CHIP at any time of the year.
Read the full report here.
Contact Steven Cosby with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.