We are nearing the end of open enrollment for the ACA. It is very important that you have health insurance before the enrollment period ends. If you do not have a policy in place, then you will have to wait until next November to apply for a policy. It does not matter if it’s on or off the exchange, you must have a policy.
Without a policy, you are uninsured for 2014 and subject to a penalty by the IRS. If you do not have health coverage, you have to get it before the end of this month. If you do not apply this month, there is nothing you can do but wait until next open enrollment.
We have had great success getting Hoosiers the right policies through the federal facilitated marketplace. Many of these policies qualified for large tax credits (subsidies). 15% of those who applied through us were eligible for zero premium policies. This means the subsidies were more than the premium. Single moms were able to take advantage of this because their kids qualified for Hoosier Healthwise. These were Bronze policies that give access to health care and kept you from having a penalty.
Then there is the segment of Hoosiers that are in their late 50′s and early 60′s that received huge subsidies. In this age bracket we have seen an average subsidy of $10,000 a year. These policyholders leaned towards Silver plans that have richer coverage in the form of co pays. We also had a lot of early retirees take this coverage.
Families with no access to group benefits have also benefited. A family of 5, with income around $70,000 has been able to get a policy for under $300. This is a huge benefit because these families are used to paying $800-$1,000 for coverage.
The access to a health plan is available until March 31st. After that there are going to be new rules to being eligible for a health plan outside open enrollment. These new rules look similar to group health insurance qualifying events.
I can’t stress enough how important it is to get a policy before the end of March. March 15th, there will be a mad dash of people applying for coverage through the exchange. We all know what can happen when there is flood of people the healthcare marketplace.
Don’t wait till the last minute to sign up, contact us soon!