There is quite a bit of confusion on exactly when Obamacare starts. The act is so complex that different portions of the act start at different times. While the insurance itself takes effect on January 1, 2014, there are other dates to keep in mind.
October 1, 2013 – Open enrollment for Obamacare starts with the health insurance exchanges. This is where you choose the type of insurance you want.
December 15, 2013 – Submit your first premium payment by December 15 so your coverage can begin on January 1.
January 1, 2014 – Health insurance coverage bought through the exchanges begins. Insurance companies can no longer deny coverage to anyone with pre-existing conditions.
March 15, 2014 – Submit payment so coverage begins before the open enrollment period ends, and to avoid the income tax.
March 31, 2014 – Open enrollment for health insurance closes. If you don’t have insurance by now you’ll have to pay an income tax that is roughly 1% of your Adjusted Gross Income. The minimum tax is $95 per adult and $47.50 per child, with a $285 cap per household. But most families will qualify for free insurance through Medicaid before they have to worry about paying the minimum tax.
For more details on all of these dates and more, click here.
Read about Obamacare facts and myths here. Image/theblaze.com