Archive for March 29th, 2014

It’s March Madness for Health Insurance Sign-Ups As Well

Saturday, March 29th, 2014

Not only is it a big weekend for March Madness basketball, it’s a big weekend for the health insurance industry as well.  March 31 is the deadline to sign up for health insurance or else risk receiving a penalty by the government when you file your taxes next year.  As long as you have started filling out a health insurance application, there is a grace period until April 7 to finish filing your paperwork.  The Associated Press offered important information in their article, “Monday is the deadline to sign up for health law”.  Government reports say that more than 6 million people have already signed up for health insurance through the newly created marketplaces since they opened October 1.  That number doesn’t even take into account the number of people who have signed up for new health insurance plans outside of the marketplaces since the new law took effect.  Four out of five of the people signing up in the marketplace have gotten a government tax credit to help pay for their premium cost.

The federal government’s website has a deadline of midnight on March 31, but states that are running their own marketplaces might have different deadlines in place.  You can sign up online, by phone, or even in person because many local areas have sign-up centers.  Since we are down to the wire with sign-up time, there will probably be long wait times no matter which way to choose to sign up through Monday.  If you don’t qualify for a government tax subsidy, but want to get health insurance to follow the law, there are many more options for finding health insurance.  You can compare health rates for individual or family insurance plans here.

In Tennessee, there is a “Local push underway to get health insurance before (the) deadline“.  Local ABC News affiliate WATE reporter Kayla Strayer posted a list of locations where people in East Tennessee can receive free help from insurance agents.  One out of six people in Tennessee has been living without health insurance.  Most of these people say that they simply can’t afford it.  Insurance experts are helping many of these Tennesseans determine whether they qualify for government subsidies as well as helping them with the application process.  One volunteer says that you can see the relief on people’s faces when they find a health insurance plan that they can afford.  Many have been going without health insurance, and in turn doctor visits and tests, even though they know they need treatment.  Americans have to sign up for health insurance by March 31, or risk being charged a fee.  Fees are equal to 1% of your income, or $95 per adult and $50 per child.  Some Americans will be exempt from this insurance mandate.