Page 20 - Good News Broward March 2014

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Bill Kohn
Good News
Yes you can; until March 31.
This will require you to get a new
enrollment and that may allow
you to get another (perhaps
higher) tax credit to reduce (or
further reduce) your insurance
payment. We recommend you
you’re your agent to assist you
with this.
Healthcare andMarch 31
As many of you may know,
the Open Enrollment for health
insurance under the Affordable
Care Act (ACA) ends on March
31, 2014, at the time of this writ-
ing. For most people, the next
chance to enroll in Health Insur-
ance will begin on November 15,
2014 and end on February 15,
2015. For those who do not have
insurance in place (or ordered) by
March 31 you may find yourself
subject to paying a penalty of the
greater between $95 (per person
in your family) or 1% of your
modified adjusted gross income
(line 37 of your tax return). The
penalty is waived for certain indi-
viduals who earn a relatively small
amount of money (e.g. a single
person earning less than $10,150
does not have to pay any penalty).
Special Election Periods
Some people, however, may
qualify for special election peri-
ods and will be able to enroll after
March 31 if they qualify. Here is
the list of special election period
exceptions:
Losing Medicaid.
Losing affordable health care
coverage that was previously pro-
vided by an employer.
Becoming a citizen, a na-
tional, or a lawfully present indi-
vidual.
Gaining a dependent
Becoming a dependent.
Changing one’s residence to
an area where there are different
Qualified Health Plans available.
Losing minimum essential
coverage (excluding when this oc-
curs due to a failure to pay premi-
ums).
Becoming newly eligible
or newly ineligible for premium
tax credits.
Becoming newly eligible or
newly ineligible for cost-sharing
reductions.
Becoming newly qualified or
disqualified for assistance with
prescription drugs payments.
Belonging to a pharmacy as-
sistance program that is provided
by the state.
Having enrollment or disen-
rollment caused by an error by a
federal employee/contractor who
was hired by the government.
Being ineligible for pre-
mium-free Part A, and enrolling
in Medicare Part B during the
Part B general enrollment period.
Getting married.
If any of these happen, let
your agent know or call the mar-
ketplace and they can provide
you with the special enrollment.
To ask all your questions about
the ACA, reach Bill at 954 -332-
9768 or email him at
william.b.kohn@floridahealthagen
cy.com. We hope to provide
answers both immediately and
include your questions in future
articles here in the
Good News
.
Good News - Broward Edition
20 April 2014
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