Insurance Open Enrollment Begins!

It’s that time of year again when individuals can enroll in a Marketplace health insurance plan. The open enrollment period to sign up for 2016 health insurance coverage begins November 1, 2015. For those who are uninsured, this marks the time when you can search for insurance plan options and assistance that may be right for you within the Marketplace. You may even qualify for lower costs on insurance premiums depending on your household information. Be sure to review the deadlines to sign up for insurance coverage to ensure that you are covered on a plan beginning January 1, 2016.

According to the U.S. Department of Health and Human Services, the Affordable Care Act is working and continuing to increase access to healthcare. Millions of people were able to obtain healthcare coverage through the Marketplace as of March 2015 and this has decreased the rate of those uninsured. Insurance affordability has increased also, with the eligibility to qualify for lower premium costs, the expansion of Medicaid coverage and additional plan options to choose from being key factors in this act.

While this open enrollment period is a significant time for those uninsured, it marks an equally important time for those who have previously purchased health insurance through the marketplace as well! If you are not satisfied with your current plan purchased for 2015 and would like to make a change, now’s the time to do so! During open enrollment you can review other insurance plans to see if another plan better matches your needs.

For those currently enrolled in marketplace plans, you may receive a letter from your insurance company explaining if the company will either automatically re-enroll you for 2016 coverage, or if you will not be automatically re-enrolled. If your insurance company plans to automatically re-enroll you for coverage but you would like to make a change, it’s important to review other policies during the enrollment period and take action to change it by December 15th to ensure coverage beginning January 1st.

Whether you’re notified that you’ll be re-enrolled in your current plan or not, you do have to update your expected income and household information for the 2016 coverage year. This ensures that your premium tax credits are correct and you will receive the appropriate coverage costs and plan options. A letter from the health insurance marketplace is also sent out to individuals currently enrolled that better explains the actions needed to receive the accurate premium tax credits for 2016.

Besides updating your own income and household information, be sure to take the time to review the different insurance plan policies and prices for the new 2016 coverage year as these do change. MSAA has resources that can help you in the decision making process with the My Health Insurance Guide and The Affordable Care Act and Multiple Sclerosis brochure that provides an overview of the insurance planning process and steps to help you PLAN ahead.

Sources:

https://www.healthcare.gov/lower-costs/

https://www.healthcare.gov/marketplace-deadlines/2016/

http://www.hhs.gov/healthcare/facts-and-features/fact-sheets/aca-is-working/index.html

https://www.healthcare.gov/keep-or-change-plan/

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Health Insurance Marketplace: Special Enrollment Period

As individuals prepare their taxes for the 2014 year, many who did not purchase or enroll in a qualified health plan may be facing the penalty fee. According to the HealthCare.gov website, if you did not have health insurance coverage in 2014, you will be responsible for the higher of these two amounts:

1% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.)
$95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285.

On February 15th the Marketplace closed for enrollment in 2015 plans, leaving those who did not enroll to face a penalty again when filing taxes next year. The Health Insurance Marketplace is providing individuals and families who owe the fee when they file their 2014 taxes with one last chance to get covered for 2015 to avoid a future penalty for the 2015 tax year.

While the fee for the 2014 year cannot be avoided, this special enrollment period offers individuals another chance to possibly avoid a future fee.

For those interested in enrolling, visit The Health Insurance Marketplace website at https://www.healthcare.gov/screener/. This special enrollment period is only available through April 30th.

References:
https://www.healthcare.gov/fees-exemptions/fee-for-not-being-covered/

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If you need health insurance…

Don’t forget that Open Enrollment for purchasing health insurance through the new Health Insurance Marketplace ends this year on March 31st. 

If you need health insurance_blog

If you need health insurance and have not already visited the website www.healthcare.gov or called an Insurance Navigator at (800) 318-2596, do it now! Give yourself time to make an informed decision about the best options for you. Five million Americans have already enrolled.

Remember, once the 2014 Open Enrollment period closes, you will not be able to purchase insurance until 2015 Open Enrollment begins, unless you have a qualifying life event (such as the loss of a job or the birth of a new baby). 

Need more information? You can also review MSAA’s website for important information about how the ACA impacts you.

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