If you have enrolled into health insurance plans before, you will know that Open Enrollment runs from NOVEMBER 1ST TO DECEMBER 15th 2019 for the year January 1st to December 31st 2020.

Don’t leave it to the last moment, Now is the time to look at your expenditure last year, for you and your family’s health insurance premiums, care treatment, and prescription drugs.

Of course, we can’t see into the future but history can be a good guide. Could you have chosen a different care plan or metal tier?  A more convenient network of care providers?

Some things are more predictable than others; a marriage a birth, an adoption, dependent aging off (turning 26), one of the insured, qualifying for Medicare (turning 65).  Any of these events should influence your approach to Health insurance coverage.

TALK TO A HEALTH INSURANCE EXCHANGE; State or Private, the advice and guidance are FREE.

If you are enrolling for the first time you should be aware that there is a legal requirement to do so.  Although there is no penalty for not doing so, you should be aware that you will be responsible for all your care and medical expenses for yourself and your dependents.  Even the minimum insurance will give you the peace of mind that knowing that you and your dependents are protected.

TALK TO A HEALTH INSURANCE EXCHANGE; State or Private, the advice and guidance are FREE.

Group Health insurance

Does your employer (or any other formal group to which you belong) offer group health insurance?  This is generally agreed to be the most cost-efficient way of securing Health Insurance Coverage. The coverage extends to your dependents but you will be taxed on the benefit.  The good news is that your employer pays 50% of the premium.

Make sure that you request to join the scheme but be sure that it meets YOUR NEEDS.  The scheme must not cost more than 10% of your income but you may still have to make co-pays and meet deductibles.

IF either you or your spouse is employed by a company which offers group Healthcare coverage you may join the scheme which better meets your needs.

TALK TO YOUR EMPLOYER; Consider your options

CONCERNS

  • Many people take the risk of not having even minimal health insurance on the grounds that they cannot afford it.  One of the aims of the Affordable Care Act is to make health insurance affordable to all eligible US citizens.  As a result, over 80% of insured Americans receive Premium tax relief or benefit from State or Federal subsidies.  In many cases, tax relief entirely offsets the cost of premiums and preventative and childcare can be entirely free.  Find out if you qualify by contacting your State Health Insurance Exchange or a Private Health Exchange. You must enroll through an Exchange to take advantage of the benefits.
  • Confidentiality

A major factor discouraging citizens from approaching Health insurance exchanges is the concern that their personal details may not be secure and that the advice they receive will not be impartial.

Exchanges. both private a state, act entirely in the best interests of their clients.  They are independent of the insurance companies and committed to delivering clients with accurate, unbiased information on which to base their decisions.

Open enrollment runs from 1st November to 15th December for Health Insurance coverage for the following year.

There are some events which allow you to join, leave, add members or otherwise change your policy.

These events trigger a Special Enrollment Period (SEP).  EXAMPLES ARE: –

  • Marriage                                                       
  • Eligibility for group scheme
  • Birth or adoption                                       
  • Aging off
  • Change of location (State)                        
  • Major change in income
  • Eligibility for Medicaid

These are defined ‘lifetime events’ which ‘trigger’ a personal special enrollment period. This period is normally a 60-day window prior to the event and a 60-day window following the date of the ‘event’ itself. During this 120-period you may change your plan, enroll in a new plan, apply for the appropriate premium reliefs and subsidies.

For details see blog SPECIAL ENROLLMENT PERIOD