That’s right, it’s almost here again-that time of year when individuals can enroll in a Marketplace health insurance plan. The open enrollment period to sign up for 2017 health insurance coverage begins November 1, 2016. Those who are uninsured can search for insurance plan options and assistance through the Marketplace to find a plan that works for them. Some 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, 2017.
As this is an important time for those who are uninsured, it is too for those who have previously purchased health insurance through the marketplace. For the latter, if you are not satisfied with your current plan purchased for 2016 and would like to make a change, now is 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 2017 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 2017 coverage year. This is to ensure that your premium tax credits are correct and that you will receive the appropriate coverage costs and plan options for the next year. 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 2017.
In addition to 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 2017 coverage year as these do change. You can also find helpful information with MSAA resources like 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.