It’s that Time Again!

2015 individual insurance open enrollment begins November 15, 2014. You must enroll or re-enroll by February 15th to avoid a tax penalty on your 2015 taxes. Now is the time to review, renew or change your coverage and your rates and check your eligibility for subsidy assistance in paying for insurance.

2015 Enrollment Dates:
Between November 15 and December 15 for coverage with an effective date of January 1, 2015
Between December 16 and January 15 for coverage with an effective date of February 1, 2015
Between January 16 and February 15 for coverage with an effective date of March 1, 2015

You are only entitled to a special enrollment period to enroll or modify your policy after these dates for the following qualifying reasons:

  • Loss of coverage due to loss of job or change of job where you lose insurance benefits
  • Relocation that results in change of state residence
  • Birth or adoption of a child
  • Dependent loss of coverage

Note:  Termination of coverage due to non-payment is NOT a qualifying event.  

Under current ACA provisions, you must be enrolled in coverage for a minimum of 9 months to avoid incurring a tax penalty for the year for non-compliance. The penalty starts at the greater of $95 or 1% of income for 2014. A spouse would be at the $95 rate and dependents would be $47.50. In 2015 it increases to $325 per person and $162.50 per dependent, or 2% of your income, whichever is greater. 2016 increases to $695 per person and $347.50 per dependent, or 2.5% of your income, whichever is greater. Past 2016 the penalty increases with the cost of living index.

That said, under the new provisions of ACA, as of January 2014 every individual is guaranteed coverage. You cannot be denied for any pre-existing condition or current health status. Depending on your income, you may be eligible for a federal subsidy to help pay for your coverage. You can find out more by visiting the government website healthcare.gov, or contact us for assistance.

To get ready for enrollment you need to consider the following in order to determine the best plan to meet your needs and budget:

How much coverage do you need to meet your medical needs and those of your dependents?

Does the policy allow you to see your own doctor, or will you see providers within their network?

Do you qualify for a subsidy that will help you afford the best coverage for you?

Can you make the deadline to enroll to ensure continuous coverage, or do you need a short term policy?

Do you want or need dental or vision coverage?

Do you need coverage for a dependent student between the ages of 18 and 26?

Contact us to discuss your needs and budget and we can help you find the best policy solutions for you and your family during the enrollment period.  In order to meet the enrollment deadlines, don’t delay!