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san antonio lawyerThe usual deadline to apply for health care coverage under the Affordable Care Act was Dec. 15, 2020. It’s now been extended to Aug. 15, 2021.   

Our last several weeks of blog posts have been about health insurance and medical bills. Two weeks ago, we got into the topic of health insurance and bankruptcy. Last week was a Q&A about medical bankruptcy. Today we provide urgent information about the current extended Special Enrollment Period for getting insurance under the Affordable Care Act.

Two Key Changes

In the last several months, there have been two major developments with the Affordable Care Act (“Obamacare”).  First, a Special Enrollment Period allowed people to start health insurance coverage way past the usual December 15, 2020 deadline. Second, the American Rescue Plan Act lowered the cost of monthly premiums under the Affordable Care Act, often significantly.

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Posted on in Bankruptcy

san Antonio bankruptcy attorneyHaving health insurance is extremely important. Both Chapter 7 and Chapter 13 bankruptcy can help you get and keep your health insurance.

Last week we discussed the 6 months of free health insurance provided by the recent American Rescue Plan Act.  It may apply to you if you lost your job and your health insurance with it. If this applies to you please check out that blog post. 

Today’s blog post gets into the broader topic of health insurance and bankruptcy. 

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San Antonio bankruptcy lawyerYou could get 100% of your health insurance paid from April through September 2021 if you lost your employer-based insurance during the pandemic. Last month’s American Rescue Plan Act included the $1,400 stimulus payments, expanded unemployment insurance, and many other benefits. One other lesser-known benefit pays your health insurance if you’ve lost your job and your health insurance with it. Today’s blog post talks about this new free health insurance.

 What is This Health Insurance Benefit?

This benefit could potentially pay your and your family’s entire health insurance premiums for April through September of 2021.  The White House, American Rescue Plan.

That could save you lots of money. You’d save by not having to pay the monthly insurance premiums. You could especially save by having coverage for any health care costs that would arise during this time.

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Attorney Chance McGhee, health insurance, high deductibles, insurance plans, medical bills, medical debt, medical expenses, San Antonio bankruptcy attorney, unpaid medical billsEvery year people suffer from medical conditions and injuries that leave them with much more than scars. They are also left with insurmountable bills. These bills can quickly pile up over time and become overwhelming. In the end, filing for a Texas bankruptcy may be the best option for financial recovery.

According to a study published by CNBC, almost 2 million people filed for bankruptcy in 2013 as a direct result of unpaid medical bills. And while it is easy to see how this can happen to someone without health insurance, the truth is that it can happen to anyone.

In 2013 nearly 10 million insured American adults had more medical bills from that year than they could pay off. Insurance plans have increasingly high deductibles and leave members with up to $10,000 in out of pocket expenses.

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Many people assume most bankruptcy filings are due to out-of-control spending habits or poor money management.  However, according to a study published in The American Journal of Medicine, one of the biggest reasons people file for bankruptcy is unpaid medical bills.

More surprising is that many who file for bankruptcy due to medical bills have health insurance.  So even with the expansion of health care coverage through the Affordable Care Act, there will still be people struggling under the weight of medical bills.  Understanding the expenses related to health insurance can help you be financially prepared.

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