Assurant Health just announced they will exit the Individual Medical and Short Term Medical markets effective JUNE 15th. If you have a policy with Assurant Health, contact me to discuss your options.
The tax filing special enrollment period is now open available for plans on and off the Marketplace. In order to qualify for the special election period
*You had to pay a penalty for 2014
*Are not currently enrolled in a plan
Application submitted March 15th-April 15th will take effect May 1st and April 16th-30th will take effect June 1st
A Special Election Period (SEP) for individuals and families that did not have coverage in 2014 and qualify for assistance, can apply for coverage March 15th-April 30th. In order to qualify…
*You must not be enrolled in a plan currently
*Attest that when you filed your 2014 tax return you paid the penalty for not having health coverage (1% of your income or $95/adult in the household and $47.50/child)
If you apply during this time, coverage will take effect May 1st.
In order to make changes to your policy or to obtain new coverage you MUST qualify for a “special election period”. Qualifying events that entitle you to a special election period are listed below.
*Loss of employer sponsored health insurance
*Exhaustion of COBRA
*A dependent turning 26 and is currently covered under their parent’s plan
*Your current plan is up for renewal outside of open enrollment
*Change of income resulting in newly eligible/ineligible for a tax credit
*Loss of eligibility to Medicaid or CHIP
*Death of the primary policyholder
*Gaining status as a citizen
*No longer incarcerated
On March 31st, 2014 the historic 1st year of the Health Care Reform Act enrollment will come to a close. As a last reminder, if you are eligible for enrollment this is what you can expect…
IF YOU ENROLL IN A PLAN
- If you currently have a health insurance plan, you will NOT be able to make ANY changes until the next open enrollment. Generally the open enrollment period will be each year between October-December. Any changes made during this time will take effect January 1, 2015.
- If you are still planning to enroll, policies applied for by March 15th will take effect April 1st. Policies applied for between March 16-March 31st will take effect May 1st. As long as you make a decision by March 31st you will avoid the penalty.
- If you qualified for a subsidy (via the marketplace) be sure to check your results. MANY require that you send additional documentation by the end of open enrollment in order to keep your subsidy. The additional requirements can be sent via mail or uploaded to your marketplace account. If you plan on mailing the documents I suggest sending it certified so you have proof that it was received.
IF YOU DO NOTHING
- You will be locked out of being able to join a plan…unless you fall into a special election period (marriage, child birth, loss of coverage, etc). If you’ve chosen this option I recommend purchasing a critical illness/accident plan. It is NOT the same as health insurance but in the event you injure yourself or are diagnosed with a critical illness, the plan will pay you an allotted amount ($5,000-$50,000). The plans start as low as $2 per month for critical illness and $15 per month for accident coverage.
- You can expect to receive a $95 per person ($47.5 per child under the age of 18) penalty on your 2014 federal tax return (this will increase in 2015)