All good things come to an end, right? It has been a long time coming. The legacy health care reform, also known as ‘Obamacare’, open enrollment period is about to come to an end. If you do not make a decision before it closes, “You Maybe health snooze, you lose”. You will have to wait until the next open enrollment period to select a plan. Oh wait… You will have to pay a tax penalty as well. Whoa!
Life is too precious to have it become miserable and financially devastating over a $25,000 surgery bill from the hospital. Or maybe even take your kid to the emergency room only to receive a love letter from them, attached to a $3,000 invoice for ‘services rendered on little Johnny’. Holy smokes! This will have more of an impact on you, financially, than the tax penalty.
Yes, there are exceptions to qualify for a ‘Special Enrollment Period’ to bridge the gap until the next open enrollment period. If you are considered for the “Special Enrollment Periods” (between 4/1/14 and 11/15/14), you will be able to buy another individual major medical policy on a no preexisting condition basis from any insurance company offering a Qualified Health Plan (QHP). This is even though you are applying outside the annual open enrollment period.
You could just go to the state or government websites to enroll on your own. But good luck. Doing the wrong thing on your own could cost you.
Maybe you already have health insurance… By doing some due diligence with a trusted advisor and subject matter expert, you can make sure you are protected the way you want or need based on the budget you can afford. With all of these health care reform changes, you can never be too sure you are receiving the best deal. How would you know? There could be that chance of getting better coverage with a lower premium. Just maybe.