The Affordable Care Act says you must buy (or already have) health insurance by March 31st 2014. Nothing that bad happens if you don’t, we’ll get to that.
But yes, technically you have to follow the law.
Who Needs To Buy Health Insurance?
You do. If…..
1) You don’t get health insurance through your employer or…..
2) You don’t get health insurance through the government.
You can sign up for it at Healthcare.gov through March 2014 when those ninjas sort out all those glitches. Or, you can get it through the private insurance market (that just means not using the exchange to get your insurance, which is fine).
Keep in mind you should have your paperwork in by February 15th to make sure you’re locked and loaded by March 31st 2014.
But forget everything we just talked about. Here are the top five most common ways Americans are side-stepping an Obamacare hangover and saving money.
#1 To avoid the employer mandate, businesses are hiring cheaper part-time employees instead of full-time employees.
#2 Women are buying over-the-counter birth control because it’s cheaper than buying health insurance in some cases.
(Birth control isn’t free yo! You have to BUY health insurance to then get “free” birth control. Get it, it’s not “free,” just like that Lego in your Happy Meal isn’t free).
#3 Rather than buy health insurance for full-time employees that will be required through the employer mandate, small business owners will just pay the fine and screw their employees. The fine is cheaper than buying health insurance in some cases.
(Whoever wrote this law messed up real bad).
#4 The government isn’t going to come knocking on your door. So healthy individuals who don’t get insurance through their employer or the government are just waiting to buy insurance until something real bad happens to their health and they need it…..
#5 …..So those individuals are choosing to pay the $95 penalty or 1% of their annual income (whichever is larger) instead of buying insurance. Why?
Quick math…..oh, because the fine is cheaper than health insurance.