If you’re facing financial hardship, you now have the option to either purchase a catastrophic plan or avoid the requirement to have health coverage.
The Washington Post states:
“The rule change was issued in a bulletin from the Department of Health and Human Services. It is the second major response by the Obama administration to a public and political furor that erupted in the fall when several million people who bought their own insurance began to receive notices that their policies were being canceled because they fell short of new benefit standards. The cancellations prompted complaints that President Obama had reneged on an oft-repeated promise that, under the Affordable Care Act, people who like their health plans could keep them.”
To sum up today’s announcement, if you received a cancellation notice from your insurance and the plans through the federal and state marketplaces are too expensive, you can claim hardship and be exempt of needing insurance or opt to buy a catastrophic coverage.
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Jeffrey R. Ungvary