March 31st, 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. Continue reading