The Biden-Harris administration has just announced that they are creating a new open enrollment period for the Affordable Care Act. This will be for three months to start February 15th. The announcement is exciting. There are still way too many American going without medical insurance. Here’s the press release.
People who lost their health insurance for one reason or the other will have this extra opportunity now to find a good policy that can meet their needs. Enrolling may prevent financial catastrophe if they encounter disastrous medical problems.
If the individual’s household income is less than 138% of the Federal Poverty Level, s/he can apply for coverage under ACA Medicaid expansion in the States that elected to participate. New Jersey has this option. Individuals with a household income of up to 400% of the Federal Poverty Level may qualify for subsidized insurance based on their Modified Gross Monthly Income (MAGI). The open enrollment period is ongoing now in New Jersey.
The Executive Order would also roll back waivers that were given to some States which chose to impose work requirements that made it impossible for many needy individuals to have health insurance at all.
Having health insurance is a major step towards peace of mind. Careful planning can prevent a crisis! For help with other planning needs, call us at ……. 732-382-6070