ObamaCare Exemption: Keeping Your Plan?

Exemption from ObamaCare?

Americans have had many questions about health insurance and required coverage since ObamaCare (the Affordable Care Act Law) was initially passed in March 2010. ObamaCare has changed several times over the past five years – and continues to evolve.

Here’s a question we’ve heard several times since ObamaCare was initially proposed: “Can I keep my current health insurance?”

In this post, we’ll help you answer this question.

Can I Keep My Current Health Insurance?

There are plans that allow people to continue with their previous insurance plans, but most of those plans are grandfathered in – meaning that they were plans that existed prior to the changes instituted by ObamaCare and have been allowed to continue for a period of time. The grandfathering period is running out, but the overarching intention is for every citizen to ultimately purchase their health coverage on the Federal Exchange.

If you don’t currently have a grandfathered plan, you will likely need to purchase your health insurance through an exchange.

In addition to grandfathered plans, there are other criteria that may allow you to keep your current health insurance plan. Download our free guide to see if you qualify for an exemption.

What Should I Do Next?

The tax professionals at Baker Wealth Management have a deep understanding of the changes in tax law related to health insurance coverage. We’ve been serving the greater Evansville area (Newburgh, Boonville, Jasper, Henderson, Mt. Vernon, and beyond) for nearly thirty years, and our expert team can assist you with managing your finances and taxes in light of the changes mandated by the Affordable Care Act.

For more information, contact us today at 1-866-244-3517.