Five Myths about the Affordable Care Act

There is a lot of confusion surrounding the Affordable Care Act (ACA).  Here are some myths, and the truths behind them:

MYTH #1:  I must purchase my health insurance on my state’s exchange (or the federal exchange in states like Virginia who are not running their own exchange).

TRUTH:  You only must purchase your health insurance on the exchange if you are eligible for and wish to collect a subsidy on your premiums.  Click here to see if you may be eligible.  If you are not eligible for a subsidy, you may purchase ACA-compliant health insurance from a licensed broker like Virginia Medical Plans.  Click on the buttons to the right or call our office 1-800-867-0800 for an instant quote.

If you are eligible for a subsidy, click here for detailed instructions on using the federal exchange (Virginia residents).  Maryland and DC residents click here.

MYTH #2:  It is cheaper to buy health insurance on the exchange.

TRUTH:  Unless you are eligible for a subsidy, insurance purchased on the exchange is not necessarily less expensive.  Furthermore, our experience is that the plans offered through the exchange tend to be more limited, whereas the plans offered off-exchange are more broad in terms of features and benefits.  Give us a call or click on the buttons to the right for instant quotes!

MYTH #3:  I don’t need to purchase insurance now; I can wait until I get sick.

TRUTH:  Open enrollment for 2014 coverage runs through March 31, 2014.  After that date, you will not have another opportunity to purchase 2014 coverage unless you have a qualifying event like a change in employment or marital status, the birth or adoption of a child, etc.  If you get sick on April 1 or later and have not yet enrolled in a plan, you will be on your own until 2015.  We can’t stress enough the importance of enrolling now!

MYTH #4:  The law has been delayed since the online website had so many problems.

TRUTH:  While certain deadlines surrounding ACA were extended, the individual mandate — the requirement for most Americans to have coverage by January 1, 2014 — did not change.  Likewise, the final date of open enrollment remains March 31, 2014.  You MUST enroll in coverage by March 31 to avoid the penalty tax.

MYTH #5:  It costs more money to buy health insurance through a broker.

TRUTH:  There is absolutely no cost to you when you use the services of a licensed broker to select and enroll in health insurance — on or off the exchange.  And when a broker helps you, you get the benefit of that assistance for the life of your policy to help with claims issues, administrative questions, policy changes, etc.

Don’t leave yourself and your family exposed.  Get coverage for 2014 and do it today!  Call our office 1-800-867-0800 or send us an email jkatz@vamedicalplans.com.

Please be patient as we manage a high volume of calls and emails.