Obamacare 101: What to know if you opt out of buying health insurance
The Affordable Care Act, also known as Obamacare, requires that individuals buy health insurance. If you don’t want to buy insurance, you will have to pay a penalty – unless you qualify for an exemption from the mandate.
By Katherine Jacobsen, Contributor / October 1, 2013
The insurance “exchanges” set up under the Affordable Care Act, where people can shop online for health insurance, went live on Oct. 1, and an estimated 48 million uninsured Americans can use them to try to find an affordable plan. The 2010 Obamacare law requires that people have health insurance, or that they pay a fee starting next year if they choose to opt out.
Here are the ins and outs of forgoing health insurance.
If you don’t have health insurance, and aren’t sure if you want to purchase a plan, how long do you have to decide?
You can sign up for health coverage on an exchange anytime between now and March 1, 2014. Your coverage would begin Jan. 1, 2014, at the earliest. If you do not enroll in that window, you will not be able to get health coverage through the insurance exchange marketplace until the next annual enrollment period unless there are extenuating circumstances.
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How much are the penalties for not buying a health plan?
The penalties are not very high to begin with. In 2014, the fine to remain uninsured is $95 per person (up to a family maximum of $285, or 1 percent of family income,
https://www.csmonitor.com/USA/DC-Decoder/2013/1001/Obamacare-101-What-to-know-if-you-opt-out-of-buying-health-insurance