We added the Obamacare FAQ page for our frequent visitors that can’t seem to get enough of this massively complex and expensive law. You have questions, and hopefully we have answers. If you can’t find the answer on our site, or on Obamacare FAQ, drop us an email and we will do our best to comply.
Question for Obamacare FAQ – Is there a waiting period before my new health insurance begins?
Answer – The initial enrollment period is from October 1, 2013 and runs through March, 2014. If you fail to purchase a qualified health insurance plan during this time you will have to wait until the next open enrollment period in October, 2014. Exceptions are made if you have a qualifying event.
Question for Obamacare FAQ – Is the only time I can buy health insurance during open enrolment?
Answer – There will be special enrollment options throughout the year for individuals and families who become eligible for coverage in the marketplace because of a “qualifying event in their lives. Here are some qualifying events.
- A change in your income.
- A change in your status, such as marriage, death of a spouse, divorce, legal separation and annulment.
- A change in the number of dependents, including birth, death, adoption, and placement for adoption.
- A change in employment status of the employee, or the employee’s or retiree’s spouse or dependent, including termination or commencement of employment.
- A dependent ceasing to satisfy eligibility requirements for coverage due to attainment of age.
You will have 60 days from the date of the qualifying event to secure new coverage without incurring a penalty.
Question for Obamacare FAQ – How much will health insurance cost under Obamacare rules?
Answer – A lot. If your income falls within the subsidy range as determined by HHS, you may qualify for taxpayer assistance in paying your premiums. Check the Obamacare premium subsidy calculator for more details.