ObamaCare Comes to California Tuesday!

Covered California, this state’s implementation of the Affordable Care Act, is ready to go live. Starting October 1st, 2013 (this Tuesday!) California residents without access to health insurance (an estimated 5.5 million people) will be able to start shopping for a plan that fits their needs. While coverage doesn’t officially go into effect until January first, it’s best to enroll early.

Financial assistance is available

For qualifying individuals, several forms of financial assistance are available including tax subsidies designed to make health insurance plans affordable and direct Medi-Cal or Medi-Care coverage for those below certain income guidelines.

Penalties for waiting?

Starting with the 2014 tax year, most people will be required to maintain health care coverage or pay a penalty. There are a few exceptions, but with the available assistance there really aren’t many good reasons to postpone coverage for you or your family. Furthermore, the enrollment window won’t stay open forever. After March of 2014 you’ll have to wait until the next enrollment period in 2015 to obtain coverage; which means you may be subject to the penalty. Don’t delay.

So where do I start?

To learn all about Covered California and to get the information you’ll need to start the enrollment process, we recommend that you visit the State’s insurance exchange directly at www.CoveredCA.com. The FAQ section explains more about the process and details the nature and amounts of both the financial assistance that is available and the penalties for going without coverage after 2014.

Small Business Coverage

Covered California also provides information for small businesses (some of whom will be required to provide employee health insurance in 2014) and details on the tax incentives offered to affected businesses. If you own a small business in California, you can learn more at http://www.coveredca.com/small_businesses.html.