Waiting To Get Insurance Through The Marketplace? Sign up By March 31 – No Penalty.

DownloadedFile-2The Missouri Health Insurance is now open for business, and the process is getting easier. If you need insurance that starts on January 1, 2014, you’ll need to enroll by December 23, of this year. But, what if you don’t make that deadline? Will you have to pay a penalty?  The simple answer is “NO” if you enroll in an Exchange plan by March 31 or if you have other insurance through a qualified plan.

If you enroll in a health insurance plan through the Marketplace by March 31, 2014, you won’t have to make the payment for any month before your coverage began.

For example, if you enroll in a Marketplace plan on March 31 your coverage begins on May 1. If you didn’t have coverage earlier in the year, you won’t have to pay a penalty for any of the previous months of 2014.

If you pay the penalty, you’re not covered

It’s important to remember that someone who pays the penalty doesn’t have any health insurance coverage. They still will be responsible for 100% of the cost of their medical care.

After open enrollment ends on March 31, 2014, they won’t be able to get health coverage through the Marketplace until the next annual enrollment period, unless they have a qualifying life event.

Minimum essential coverage

To avoid the fee you need insurance that qualifies as minimum essential coverage. If you’re covered by any of the following in 2014, you’re considered covered and don’t have to pay a penalty:

Any Marketplace plan, or any individual insurance plan you already have

Any employer plan (including COBRA), with or without “grandfathered” status. This includes retiree plans

Medicare

Medicaid

The Children’s Health Insurance Program (CHIP)

TRICARE (for current service members and military retirees, their families, and survivors)

Veterans health care programs (including the Veterans Health Care Program, VA Civilian Health and Medical Program (CHAMPVA), and Spina Bifida Health Care Benefits Program)

Peace Corps Volunteer plans

Other plans may also qualify. Ask your health coverage provider.

What kinds of health insurance don’t qualify as coverage?

Health plans that don’t meet minimum essential coverage don’t qualify as coverage in 2014. If you have only these types of coverage, you may have to pay the fee. Examples include:

coverage only for vision care or dental care

workers’ compensation

coverage only for a specific disease or condition

plans that offer only discounts on medical services

Want to read the full Q & A document from the Centers for Medicare and Medicaid Services? JUST CLICK HERE.

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