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Individual Mandate Extended To 2016
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The President has once again extended a provision of the
Affordable Care Act known as the Individual Mandate. |
The Individual Mandate was
delayed in 2013 when the Department of Health & Human
Services issued a
memo on December 19, 2013.
In This memo compliance
with the individual mandate was extended until October 1,
2014.
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The Health & Human Serivces
published another
memo on March 5, 2014
which stiuplates that the extension outlined in the December
19, 2013 memo will be further extended another 2 years (to
Octobe1, 2016).
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The
December 19, 2013 memo stipulates you have the following
options if your health insurance policy has been cancelled:
- You
have the chance to buy any of your health insurance issuer’s
individual market policies available to you in 2014.
- You
may shop for coverage through the Health Insurance
Marketplace (the Marketplace). Depending on your income and
other factors, you may be eligible to receive a premium tax
credit that will help cover the cost of purchasing coverage
through the Marketplace or cost-sharing reductions for
Marketplace coverage. You may also be eligible for Medicaid.
- You
can also shop for policies outside the Marketplace. This is
a good option if you do not qualify for premium tax credits
or cost-sharing reductions based on your income. If you do
qualify for premium tax credits or cost-sharing reductions,
you can only get such assistance if you enroll through the
Marketplace.
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The December 19, 2013 memo also
provides a hardship exemption:
If
you have been notified that your policy will not be renewed,
you will be eligible for a hardship exemption and will be
able to enroll in catastrophic coverage. If you believe that
the plan options available in the Marketplace in your area
are more expensive than your cancelled health insurance
policy, you will be eligible for catastrophic coverage if it
is available in your area.
In
order to purchase this catastrophic coverage, you need to
complete a hardship exemption form, and indicate that your
current health insurance policy is being cancelled and you
consider other available policies unaffordable. You will
then need to submit the following items to an issuer
offering catastrophic coverage in your area: (1) the
hardship exemption form; and (2) supporting documentation
indicating that your previous policy was cancelled.
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See the
December 19, 2013 memo for more
details. |
See more ACA news. |
Sources:
memo on December 19, 2013
memo on March 5, 2014
By Owen
Daniels
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