The open enrollment period is November 15th through February 15th. The open enrollment period is a specified time frame where health insurance companies are required to accept applicants. This is the only period where you can enroll in a new plan or get covered through the rest of the year (unless their is a qualifying event).
Here are 5 things you need to know for open enrollment in 2015 plans:
- Check to make sure the cost of your coverage did not increase dramatically. Health insurance premiums will increase in 2015 so it’s important to check your renewal rates and make sure they are within your current budget.
- Compare different plans. If you don’t like your current plan, this is the time to change it. If you have other medical needs that need to be accounted for or plan on having a baby and would like additional coverage, this is the time to weigh your options. Open enrollment enables you to look at the cost and value of different plans to ensure you are getting the best benefit for the cost. Whether you want to switch plans or not, we recommend looking into alternative options.
- Penalties will increase for being uninsured. The penalty for individuals is will now be 2% of your income above the filing threshold. Uninsured adults will have to pay $325 and uninsured kids will be fined a penalty of $162.50 making the family maximum $975.
- Subsidies are available. If enrolling under the exchange, look into filing for a government subsidy for assistance with paying for coverage.
- If you are covered under a 2014 plan under the federal exchange, you’ll either be automatically renewed or notified that you cannot be renewed. Be sure to look out for notices regarding your coverage. They will be sent out stating that you can be automatically enrolled with the same tax credit and subsidy in 2015 as 2014 or it will tell you that your plan cannot be renewed, in which case you’ll have to select an alternative plan.