Will you be buying next year’s health insurance on the new exchanges? Starting Tuesday October 1, individuals can enroll online at www.healthcare.gov for coverage effective January 1, 2014. Small businesses can enroll beginning October 1 as well, but can’t do it online until November 1 due to a delay on that end. The deadline for January 1 coverage is December 14. Open enrollment closes March 31; if you are required to purchase health insurance and do not by March 31, you will incur a penalty.
After much anticipation, we will finally be able to see the pricing. How much it was going to cost was a big question. For clients losing coverage and making the choice between COBRA and an individual plan, I hesitated to give up COBRA until we knew what the individual marketplace would look like next year. Finally we will have information. The Kaiser Family Foundation‘s calculator below can give you an idea of what your premium might be, and what kind of subsidy you might expect. The numbers will vary, but it’s at least a ballpark figure. Subsidies come in the form of a tax credit, but you don’t have to wait until you file your taxes to get it. You can request the credit be applied to your premium in advance, or you can pay the whole premium out of your pocket and get the credit on your tax return.
There are still many unanswered questions, and I’ll update as often as I get answers. In the meantime, for a refresher, here’s a link to my Obamacare post from a few months ago: Obamacare- What’s Coming For You?