When Are The Affordable Care Act Deadlines?

Ever since the first mention of the Affordable Care Act, AKA Obamacare, there have been many road bumps so to speak. Regardless, Obamacare has pressed on as the year of 2013 comes to an end and 2014 is on the horizon.  Staying informed so that you can remain ahead of the curve is very important. This being said, there are some very important dates that you need to be aware of as the year progresses. The first of these is Jan. 1^st 2014.

On January 1^st Obamacare starts private coverage. This means that by this date everyone in America should be covered by an insurance policy that adheres to the rules set up by the Affordable Care Act. Initially, if you were not insured by this point then when you file your 2014 taxes you will be handed a fine of $95 or 1% of your income whichever is higher. This date is not as final as it seems because the government has put in a grace period that will end on the Second important date of 2014 where the ACA is concerned.

March 31^st 2014 is the date when the open enrollment ends and you must at least be enrolled in an approved policy. This seems a scary prospect especially knowing if you do not have coverage by 2015 your fine can go up to $325 and up to $695 in 2016. Fortunately, if your pre-existing condition has you worrying that you will not be covered you need not worry. In fact, you are guaranteed that you will not be denied coverage based on any pre-existing condition.

The next important date is Oct. 31^st 2014 and has to do with those of us that have existing policies that do not meet the expectations of an Obamacare approved plan cannot renewed for the next year of coverage. This means that you will have to have a different plan purchased for the nest year or guess what? Fines. The hope is by this time there will be a plan available for you from several different insurers so that you can choose that price and coverage level that you need. The other thing to note here is that the President has now mandated that people will be able to keep their old policies even if they don’t exactly meet the requirements set forth.

Election Day in 2014 is Nov. 4^th and even though this mid-term election is not all about the Affordable Care Act there will most certainly be very important issues relating to it that will come up. This means we should pay close attention to the individuals who are campaigning and their stance on what the act will mean in the upcoming year and beyond. By the looks and sound of the early campaign ads Obamacare is here to stay the only question is how will it look and act at the end of the year.

The next big date is Nov. 15^th 2014; this is the day when open enrollment for 2015 will begin. This means you need to be signed up for the next year of service starting this day. This is a delayed date based on the slow start of the 2014 enrollment and should give extra time to determine the proper premiums for the next years.

The last date to prep for actually falls in 2015 but is important to the process throughout 2014. This date is Jan 1^st 2015. This is the day that employers who have 50 workers or more that they employ full time (which is considered 25+ hours per the ACA) must provide coverage for each or possibly pay a fine of up to $2000 a person. This means that business owners need to be looking into coverage for their workers well before this date to be safe.

No matter who you are, what you do, or where you live the Affordable Care Act impacts us all. Remember that if you ever have any questions or want to discuss policies we are always ready to lend a hand.