ROSEMONT, Ill., Feb. 10, 2014 (GLOBE NEWSWIRE) -- Flexible Benefit Service Corporation (Flex) announced today that the InsureXSolutions® private health insurance exchange is offering free heath law education, counseling and research tools for Chicagoland small business employees who need to obtain insurance by March 31, 2014 to avoid penalties created by the Affordable Care Act (ACA).
In the Chicagoland area, the majority of small business employees will need to obtain health insurance coverage on an individual basis. According to 2012 data from the Kaiser Family Foundation, only 30 percent of Illinois businesses with fewer than 50 employees provide group health insurance. This leaves roughly 150,000 businesses with employees that will need to sign up for coverage by March 31, when health insurance open enrollment closes for 2014.
However, a new survey from Bankrate.com found that 55% of Americans do not know that the deadline to sign up for health insurance under the Affordable Care Act is March 31, and another 62% of Americans believe that the government will push the deadline back. So far, the federal government has shown no indication that it will change the March 31 deadline.
With less than 7 weeks to obtain coverage, Chicago's uninsured face mounting pressure to learn about the law, explore their options and purchase the right plan. Most individuals or families that fail to get insurance by March 31, 2014, will have to pay 1 percent of their income or $95 per adult and $47.50 per child—whichever is greater. The tax penalties will climb in 2015 and 2016. Moreover, individuals and families that miss the deadline may not be able to apply for coverage again until November 15, 2014, when the enrollment period for 2015 begins.
"Procrastination is going to come with a heavy price tag," said John DiVito, President of Flex, who offers and operates InsureXSolutions. "In the coming weeks, our goal is to raise awareness of the health law deadlines, provide free educational resources and make sure that Chicagoans get access to the coverage they are required to have."
To assist uninsured small business employees, their families and friends counter the lack of awareness about ACA laws and help Chicagoans avoid penalties, InsureXSolutions has stepped up its offering of free educational tools. Chicagoans can now learn the basics of the ACA at www.shopgetcovered.com, keep up-to-date with the latest news at the exchangebuzz blog and join InsureXSolutions for "Obamacare Explained," a series of live webcasts on February 11, 12 and 13. The free health law webcast will cover key dates, tax penalties and premium assistance, and also allow attendees to chat live with licensed insurance professionals.
Chicagoans can also shop for coverage on the InsureXSolutions exchange to save money and get the right level of coverage. InsureXSolutions offers a powerful research engine that can help consumers search, compare and purchase plans from leading health and dental insurers. InsureXSolutions can also help the uninsured determine if they qualify for subsidized plans and facilitate enrollment.
"Business owners who want to help their employees can refer them to InsureXSolutions at no cost," said DiVito. "Use of our web exchange, consultations with licensed insurance professionals and all of our educational resources are completely free. We want Chicagoans to get the right coverage and avoid paying unnecessary penalties."
To sign up for "Obamacare Explained", visit www.shopgetcovered.com. Sessions are available on Feb. 11 at 3:00 pm CST, Feb. 12 at 7:00 pm CST and Feb. 13 at 12:30 pm CST.
To learn more about InsureXSolutions, visit www.insurexsolutions.com
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About Flexible Benefit Service Corporation
Flexible Benefit Service Corporation (Flex) is a leader in the health insurance and benefits administration marketplace. Since 1988, Flex has continuously offered cost-effective health care solutions for producers, employers, employees and individuals. Through their consumer-driven strategies, tax-advantaged programs and insurance offerings, Flex serves as a full service general agency and benefits administrator. The comprehensive Flex product portfolio includes flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), transit/parking reimbursement accounts (TRAs), COBRA administration and more. Flex also blends its in-house expertise from both divisions to offer a private insurance exchange showcasing integrated resources and innovative technology. Flex is an accredited business with the Better Business Bureau and maintains an A+ rating. Learn more at www.flexiblebenefit.com.
CONTACT: Nick Severino, Director of Marketing Flexible Benefit Service Corporation (Flex) 888-353-9178 | email@example.com
Source:Flexible Benefit Service Corporation