The 'Obamacare' Deadline Is Approaching. Here's What You Need to Know Before Signing Up

By Lacie Glover Here's one resolution you should check off early in the year: choosing a health plan if you don't already have one. The deadline to buy a plan under the Affordable Care Act mandate is Jan. 31. If you don't choose a plan by the deadline and pay the first payment when it's due, you won't be able to get coverage this year, with few exceptions. If you lack health coverage for more than three full, consecutive calendar months in any year, you could have to pay a tax penalty. There's a good chance that "Obamacare" will be repealed or revised in 2017, but it's still in place now, so the safest bet is to choose a plan. A month is plenty of time to shop, but don't wait too long. The exchange websites have been known to get bogged down near the deadline in past years, resulting in long wait times. Here's how to pick the right coverage for you. Finding a health plan in 7 steps 1. Compare health insurance quotes online to see your plan options. Tip: If you qualify for tax subsidies to lower your insurance costs, the only way to receive them is by buying through the federal or state exchange, depending on where you live. All exchanges can be accessed through HealthCare.gov. 2. Check out the monthly premiums and eliminate plans that are so expensive you won't be able to pay. If you miss a payment and don't catch up, you'll lose coverage. Tip: Health care "navigators" are people trained and certified to help consumers sign up through the exchanges. You can loca...
Source: Healthy Living - The Huffington Post - Category: Consumer Health News Source Type: news