Mandatory Health Insurance Starts January 2014

Mandatory health insurance for most Americans will go in effect in January 2014.  The 330,000 Connecticut residents that do not have health insurance coverage can start reviewing their options at Access Health CT.  Here you can learn about requirements and whether or not you qualify for free or discounted insurance.  Starting in October 2103, you can start reviewing and comparing insurance plans.

The costs and discounts vary depending on income.  For instance, if you are a family of four making $65,000, insurance premiums, with the program’s discounts, will be $5,736 a year.   Your out-of-pocket expenses will be maxed out at $6,250.  According to the Access Health CT website, you are getting a 53% discount on your monthly premiums.

It is important to note that if you decided not to purchase insurance, you could face tax penalties that will be phased in beginning in 2014.  The first year’s penalty is a minimum of $95 or 1% of total income but it does to increase to a minimum of $695 or 2.5% of income by 2016.  Exceptions do exist and include families that live below the poverty level, members of certain faiths, undocumented immigrants, Native American tribes and people in prison.

Leave a Reply