Under the new health care reform laws, there will be some changes coming in the way you pick, purchase and pay for your plan. Here are some of the upcoming steps and dates to remember:
October 1 The Health Insurance Marketplace opens for business for coverage effective Jan. 1, 2014. It is optional for you to participate if you already have coverage. Most carriers are not forcing any changes to current coverage until 1/1/15 for individual plans. Group insurance benefits must upgrade to the new benefit requirements effective the renewal date next year. The enrollment form does not include health status with the exception of tobacco use.
Plans will be more uniform since they must conform to Essential Health Benefits of the "metal" plans: Bronze (60%), Silver (70%), Gold (80%), Platinum (90%), and Catastrophic (available to those in certain situations, under age 30). We encourage you use our services for comparing your options an enrolling in a new plan if it is a better option for you.
Open enrollment starts Oct. 1, 2013.
We will be able to enroll you in a non-medically underwritten plan for 1/1/14. For the initial year only, open enrollment lasts from 10/1/13 to 3/31/14. Coverage begins wither 1/1/14, or the 1st of the following month (for next year only), to ensure no gap in coverage. If you do not purchase insurance, most will have to pay 1% of their adjusted gross income as a penalty. We can assist you in calculating your subsidy so you know what your net cost is anticipated to be. You have an option of having the insurance carrier receive monthly payments from the government, or you can get a refundable tax credit if you do not receive a monthly subsidy. In most cases, subsidies are not available for those with group insurance options.
January 1 Tax credits (or subsidies) become available. Go to http://kff.org/interactive/subsidy-calculator/ and use theSubsidy Calculator Tool to see if you qualify.
Be forewarned, there are a lot of moving parts to this and it's getting more complicated than ever. Your accountant may have recommendations for your situation due to income projections changing for 2014. Keep in mind that open enrollment ending means that you won't be able to purchase coverage anytime during the year, without a qualifying condition. A qualifying condition would be loss of group coverage due to job loss or change of family status (birth, divorce, adoption, marriage). The next open enrollment would be October 1st, 2014 for January 1, 2015 effective date.
October 1 The Health Insurance Marketplace opens for business for coverage effective Jan. 1, 2014. It is optional for you to participate if you already have coverage. Most carriers are not forcing any changes to current coverage until 1/1/15 for individual plans. Group insurance benefits must upgrade to the new benefit requirements effective the renewal date next year. The enrollment form does not include health status with the exception of tobacco use.
Plans will be more uniform since they must conform to Essential Health Benefits of the "metal" plans: Bronze (60%), Silver (70%), Gold (80%), Platinum (90%), and Catastrophic (available to those in certain situations, under age 30). We encourage you use our services for comparing your options an enrolling in a new plan if it is a better option for you.
Open enrollment starts Oct. 1, 2013.
We will be able to enroll you in a non-medically underwritten plan for 1/1/14. For the initial year only, open enrollment lasts from 10/1/13 to 3/31/14. Coverage begins wither 1/1/14, or the 1st of the following month (for next year only), to ensure no gap in coverage. If you do not purchase insurance, most will have to pay 1% of their adjusted gross income as a penalty. We can assist you in calculating your subsidy so you know what your net cost is anticipated to be. You have an option of having the insurance carrier receive monthly payments from the government, or you can get a refundable tax credit if you do not receive a monthly subsidy. In most cases, subsidies are not available for those with group insurance options.
January 1 Tax credits (or subsidies) become available. Go to http://kff.org/interactive/subsidy-calculator/ and use theSubsidy Calculator Tool to see if you qualify.
Be forewarned, there are a lot of moving parts to this and it's getting more complicated than ever. Your accountant may have recommendations for your situation due to income projections changing for 2014. Keep in mind that open enrollment ending means that you won't be able to purchase coverage anytime during the year, without a qualifying condition. A qualifying condition would be loss of group coverage due to job loss or change of family status (birth, divorce, adoption, marriage). The next open enrollment would be October 1st, 2014 for January 1, 2015 effective date.
Jeanine Kinzie is a Licensed Health Insurance Agent, Licensed Life Insurance Agent and a Federally Facilitated Marketplace Enroller from Grand Rapids, Michigan.
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