Foxnews says that most American’s don’t realize that Obamacare (ACA) signup has a fixed deadline. It’s Mar 31, 2014, about 2 months from this writing. It’s a deadline with yucky consequences in two ways.
- If you don’t signup for insurance by that date, you aren’t allowed to signup at all until the next open enrollment period which begins on Nov 15, 2014 (notice how it’s after the midterm elections?), however they make exceptions if you have a qualifying event (new job, new marriage, etc)
- If you miss that Mar 31 deadline you will be subject to the penalty, which is $95 for the first year OR 1% of your income. Most people who are even aware of the penalty only assume it’s $95. But since you likely make more than $9500/yr your fine/tax/whatever will likely be much more than just $95.
You can avoid all that headache by joining a health care sharing ministry. Membership in a qualifying HCSM (Samaritan is one! yay!) exempts you from the individual mandate of the ACA so you won’t pay a fine or tax at all, and you don’t have to pay for overpriced insurance or risk your financial security with the Obamacare website. This site has a ton of great information about Samaritan Ministries and even info on the other two qualifying HCSMs so you can get lots of detail about how easy this switch can be for your family.
Let me know if you have any questions.