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Health & Fitness

Open enrollment for health insurance is closing.

I have been hearing from a number of people that they did not know that after March 31, 2014, they will not be able to sign up for individual health insurance. If you don't have insurance, and want to buy coverage anytime after March 31st, you will be declined because you are "out of the open enrollment period." If you are concerned about getting coverage, please keep this date in mind. The next t...ime you will be able to buy insurance is at the end of 2014, so you would have no coverage for the rest of the year.

The rule states that you must have an application in by March 31st. With most carriers, this will mean that your coverage will begin on April 1st or even May 1st. The penalty for not having insurance does not apply for three months out of the year. If your coverage begins May 1st, you will have been without coverage for four months in 2014, the first three months are exempt so you would have to pay 1/12 of the penalty for the year

Ken Williams CHFC, CLU, CTLC, CHRS is a licensed health insurance broker for individual and group medical plans with twenty-two years experience. He can be reached at kenwilliams@sunstreetsecurities.com or 425 821 7914.

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