The Affordable Care Act requires some individuals to obtain health insurance if they do not already have coverage from another source. You may be young and healthy. You may not have gone to see a doctor in months, if not longer. And you may believe that you do not need to obtain this type of coverage. Unfortunately, accidents occur. Illness strikes. And the Affordable Care Act aims for you to have coverage in place to minimize those unforeseen needs and costs to make health insurance more affordable.
Do You Need to Purchase Affordable Care Act Insurance?
The Affordable Care Act puts in place a number of regulations that you need to follow. In order to remain in compliance with the law, you will need to have minimum essential coverage throughout the year. If you do not have this, you may be able to avoid having coverage if you get an exemption. If neither of these options apply, you may be required to pay a fee for every month that you go without the minimally required coverage. You can avoid this by purchasing a health insurance plan.
What’s the Minimum Essential Coverage Required?
There are several ways to meet the requirement for minimum essential coverage. Some of those ways include the following:
- You have an employer sponsored health insurance plan. This may include a COBRA plan or a retiree coverage plan.
- You have purchased a policy for yourself or your family that is qualified under the Affordable Care Act.
- You have Medicare Part A or a Medicare Advantage Plan.
- You have Medicaid (some exclusions apply here).
- You have Children’s Health Insurance Program coverage.
- You have TRICARE.
- You have a self-funded health coverage plan, which is typically offered by colleges or universities.
Not sure if you meet these requirements? If you have no health insurance in place, chances are good you need to have a policy to minimize your risks of paying a fee under the Affordable Care Act. However, you have many options to choose from and, with the help of your health insurance agent, you can minimize the risks associated with going without coverage or overpaying for it. The process does not have to be complex to obtain the coverage you need.
Your health is our priority. Call Simpson Financial Group at (877) 727-7780 for more information on Boston health insurance.