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Health Care Open Enrollment

 

Beginning November 15, 2014, open enrollment will be available in state-based and federal Health Insurance Exchanges and Small Business Health Options Programs (SHOPs).

The Affordable Care Act had a major provision that created the health insurance exchanges. These exchanges are open for individuals and small business owners to compare the benefits and prices of different health plans. They do not issue the health insurance, but are designed to offer a forum to compare. You are able to compare coverage options, deductibles, costs, tax credit eligibility, and denied claims history, among other factors.

Remember, it’s important to make sure you are covered as the fees for being uninsured will increase in 2015.

The fee for not having coverage in 2014:

  • 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.) The maximum penalty is the national average premium for a bronze plan.
  • $95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285.

The fee in 2015:

  • 2% 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.) The maximum penalty is the national average premium for a bronze plan.
  • $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975.

What has been your experience with the Healthcare Exchanges? Has your insurance cost increased or decreased based on the changes?

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