What No One’s Telling You About the Cost of Not Enrolling — It’s Not Just a Tax Penalty

March 31^st, the deadline for enrolling in healthcare coverage under the Affordable Care Act, is fast approaching. If you are one of the millions of people who have chosen not to enroll, you may want to re-think that decision. The consequences of not enrolling by the deadline may be greater than you think – there’s much more to it than the tax penalty you’ve heard about.

You’re responsible for all of your medical expenses.

In the pre-Obamacare era, if you needed extensive healthcare and were not insured, you might qualify to receive benefits through Medicaid, providing you protection from the potentially catastrophic impact of unforeseen healthcare expenses.

That protection is no longer available. As of this year, if you are uninsured, you will be required to pay 100% of your medical expenses, regardless of how extensive they are and what your financial means are. There is no limit to the amount you may be charged for medical services.

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Understanding the ACA Waiting Period and Orientation Period

This article refers to all regulations issued through March 6, 2014.  It is intended to be a summary of important issues and should not be considered legal or tax advice.

Final regulations were released on February 24, 2014 confirming and clarifying earlier guidelines relating to waiting periods for group health plans under the Affordable Care Act (ACA). The general rule is that group health plans may not apply a waiting period that exceeds 90 days.

What is a “waiting period”?

The term “waiting period” refers to the time before coverage for an “otherwise eligible” individual becomes effective. Waiting periods are not required—coverage can begin immediately—but under the ACA, if a waiting period is imposed, it cannot be longer than 90 days.

The Five Most Misunderstood Aspects of Healthcare Reform

This article refers to all regulations issued through March 6, 2014.  It is intended to be a summary of important issues and should not be considered legal or tax advice.

Obamacare – it’s everywhere these days. And every pundit and politician has an opinion on each of the law’s provisions and how they will affect the way healthcare will be delivered. With all the conflicting information out there, it can be hard to get a handle on what the truth is. Here’s our summary of the five most misunderstood aspects of the Affordable Care Act – and some insight into how these provisions might affect your business.