Affordable Care Act (ACA) 2019
posted November 1, 2018
We are quickly approaching OPEN ENROLLMENT for the Affordable Care Act (ACA). Open Enrollment starts November 1, 2018. It is the first day you can enroll, re-enroll or change a 2019 insurance plan through either the Health Insurance Marketplace if you have a "premium tax credit" or through your agent if you are not eligible for a tax credit.
Coverage can start as soon as January 1, 2019. December 15, 2018 is the last day you can enroll in or change plans for coverage to start January 1, 2019.
If you now have a premium tax credit through the Marketplace (the Exchange) that reduces the cost you are paying for your insurance, you are required to "redetermine" your eligibility. You need to call 800-318-2596. They will review your anticipated income for 2019 and determine your tax credit for the upcoming year. Keep in mind that anytime you have life changes, you should contact the Marketplace and let them know. Life changes include changes of income, change of address, marriage, divorce and birth and adoption of a child.
Navigators assist you when you call the Marketplace (the Exchange). This year the budget for navigators has been substantially cut so there will be fewer navigators available. If you are not going to be eligible for a tax credit, you will want to avoid going through the Marketplace and go directly through an agent. You will have to go through the Marketplace if you are receiving a premium tax credit.
In the event you just decided to wait to purchase your coverage or you get ill and decide you want your claims covered after Open Enrollment has ended, the answer is NO. But, there is a Special Enrollment Period if you have a Qualifying Event and these include the following:
- Loss of minimum essential coverage for one of the following reasons:
- Involuntary loss due to reasons other than nonpayment of premium
- Due to reaching the maximum age (26), legal separation, divorce or death of the policyholder
- No longer eligible for prior health coverage due to termination of employment, reduction of hours of employment or exhaustion of COBRA benefits
- No longer residing in prior health insurance plan's HMO service area
- Gained or became a dependent due to marriage
- Gained or became a dependent due to birth, adoption or placement for adoption or foster care
- Current policy is ending in a non-calendar year
- Becoming a citizen
- Leaving incarceration
- AmeriCorps's members starting or ending service
- Changes in your income that affect coverage you qualify for
- Other qualifying event
HSA Newsletter Updated
posted November 1, 2018
Affordable Care Act (ACA) 2017
posted May 1, 2017
Open Enrollment has ended for 2017. You can no longer apply for coverage or make changes to your current plan unless you have a Qualifying Event that makes you eligible for a Special Enrollment Period (SEP).
In 2017 the penalty for not purchasing health insurance will be calculated one of two ways - either per person or as a percentage of income. You'll pay whichever is higher. If it is calculated per person it will be $695 per adult and $347.50 per child with a maximum of $2,085 per family. It may also be calculated by percentage and in 2017 it is 2.5% of household income to a maximum of the average cost of a bronze plan on the Marketplace.
OPEN ENROLLMENT for 2018 will begin November 1, 2017 and ends December 15, 2017.
NOTE REGARDING TEMPORARY HEALTH INSURANCE: IF YOU DO NEED COVERAGE AND DO NOT HAVE A QUALIFYING EVENT YOU CAN PURCHASE TEMPORARY HEALTH INSURANCE. Since temporary coverage is not compliant with the Affordable Care Act (ACA) you may still pay a penalty when you file your income taxes. However, it will provide you with coverage in the event you have a catastrophic health issue in 2017.