On December 19th, 2013 President Obama announced that:

Anyone who can show that their individual or family policy has been cancelled, will be eligible to buy a “catastrophic” plan through the exchange and qualify for a “hardship exemption”. See list of reasons below.

This means they would not be fined if they can’t, or don’t, enroll in a health insurance plan. These catastrophic plans, however, cannot get a subsidy.

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Possible reasons for exemption to the Tax Penalty

Exemptions From Having To Pay The Tax Penalty

♦ The individual is uninsured less than 3 consecutive months

♦ The lowest priced insurance plan available would cost more than 8.13% of the household income

♦ The individual does not have to file a tax return because income is too low

♦ The individual is a member of federally recognized Indian tribe

♦ The individual is a member of a health care sharing ministry

♦ The individual belongs to a religious sect with objections to receive insurance benefits and Social Security and Medicare

♦ The individual is incarcerated

♦ The individual is not legally present in the USA

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♦ The individual has a hardship determined by the Dept. of HHS for example:

◊ Become homeless

◊ Has been evicted in the past 6 weeks or is facing eviction or foreclosure

◊ Child is denied Medicaid and CHIP and another person is Court ordered to cover that child

◊ Received a shut-off notice from a utility company

◊ Recent death of a close family member

◊ Recent fire, flood, natural or human-caused disaster resulting in substantial damage to individual property

◊ Filed bankruptcy in last 6 months

◊ Recent domestic violence

◊ Substantial medical debt in the last 2 yrs

◊ Unexpected expenses d/t caring for an ill, disabled, or aging family member

◊ Time frame to appeal and overturn a denial of eligibility to get a Marketplace plan

◊ Lost individual plan and believes other coverage options are unaffordable

◊ Other hardships obtaining health insurance

Health Insurance Options For Laid-Off Workers

Health Insurance Options For Laid-Off Workers

If you rely on employer-based health insurance and you lose your job, you may wonder what happens if you need medical care before you are able to get new coverage. Fortunately, there is COBRA, a law passed in 1986 gives many workers and their families the right to retain their health insurance even if they quit or lose their jobs.

What Are Association Health Insurance Plans?

What Are Association Health Insurance Plans?

Most people have never heard of association health plans; however, these health insurance plans have been around for decades. Association Health Plans may have fewer benefits but will most likely have lower premiums, making them an attractive option for those who are young, healthy, and on a budget.

What is the Free Look Period in Health Insurance?

What is the Free Look Period in Health Insurance?

To help customers avoid buyer’s remorse, health insurance policies are required to offer a free-look period. If at any time during this period you find that you’re dissatisfied with your policy, you can cancel it and get your money back.

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