Monday, September 30, 2013

ObamaCare’s Kickoff on Oct. 1: ‘Much Ado About Nothing?’

No matter what happens Tuesday when the Affordable Care Act’s health insurance exchanges go live, experts say it will be too early to call the marketplaces a failure or success.

“October 1 is much ado about nothing,” says Larry Kocot, visiting fellow at the Brookings Institution. “Some may not want to write a check [in October] so they may wait. The real crunch time happens toward the end of the enrollment period, prior to benefits starting.”

Tuesday kicks off open enrollment season on the health-insurance marketplaces which runs through March 31, 2014. Uninsured Americans, along with those looking for different coverage options, can start shopping on the state and federally-run exchanges for a policy, but any purchased plans won’t kick in until Jan. 1 - a major reason why enrollment numbers likely won’t be impressive early on in the launch, says Kocot.

He says December will likely be the month to watch regarding health-care enrollment. Under the ACA, every individual in the U.S. has to have insurance by March 31, 2014, or face a penalty of $95 a year, or 1% of their annual income - whichever is higher.



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