5 things you need to know about individual health plans beginning 1/1/2014

Health Insurance today is very confusing.  Do I qualify for a subsidy?  How do I find out?  How much will premiums cost?  Is it better for me to get insurance on The Exchange or to just stay on my group plan?  There are so many questions that we hear every day from individuals regarding their health care.  Koehler Koehler, Inc. can help you answer these questions and help you make a decision on what plan is right for you.

Here are 5 things that you need to know about Individual Health Plans:

1. The open enrollment period is expected to end on March 31, 2014. Anyone can sign up for an individual health plan during this time period. Some people are speculating that the open enrollment period will be extended because of the problems with the initial roll out of the Exchanges, but as of today, it is still scheduled to end on March 31. 

2. Applications and premium payments for on-exchange coverage must be received by the 15th of the month to receive an effective date of the 1st of the following month. After the open enrollment period ends on March 31, individuals must experience a qualifying event  (contact us for a list of qualifying events) to be eligible to enroll in a health plan or make a plan change mid-year. Individuals will have 60 days from the date of the qualifying event to sign up for coverage or make a plan change.
   • For example, an application must be submitted and the initial premium must be paid by Jan. 15 to receive a Feb. 1 effective date. The application submission dates and premium due dates may be different for off-exchange health plans.    
3. After the open enrollment period ends on March 31, individuals must experience a qualifying event  (contact us for a list of qualifying events) to be eligible to enroll in a health plan or make a plan change mid-year. Individuals will have 60 days from the date of the qualifying event to sign up for coverage or make a plan change.
4. As long as an individual submits an application by March 31 they will be exempt from the Individual Mandate penalties provided they maintain coverage throughout the rest of the year. This statement holds true even if the individual receives an effective date that would cause them to be without coverage for more than 3 consecutive months. Individuals that are without coverage for 3 or more consecutive months out of the year for other reasons will be subject to the Individual Mandate penalties unless they qualify for an exemption.    
5. The next open enrollment period will occur from Nov. 15, 2014 to Jan. 15, 2015. It was originally scheduled to occur between Oct. 15, 2014 and Dec. 7, 2014 but has since changed. During this time period anyone can sign up for coverage or make a plan change without a qualifying event.

If you feel that you need help getting coverage, please do not hesitate to contact us to get started with your health insurance application.