It is finally here, Open Enrollment 2018!
Tomorrow you will be able to enroll for insurance plans under the Affordable Care Act for the 2018 plan year. Here is what you need to know:
- Open Enrollment lasts from November 1st to December 15th in most states.
- Premiums have increased in most areas. We have actually spoken to consumers who have been told their premiums are increasing by 50%.
- Deductibles are also going up.
There are ways to offset these new costs or eliminate them altogether. However, you will need a licensed agent to help you navigate these changes.
Our team is standing by and ready to assist you with these changes. Please call 1-888-630-3826 or schedule an appointment.
2018 prices for the Affordable Care Act are now available. The Open Enrollment period starts on Wednesday and there are still many questions about regulations and any new laws or orders that would impact everyday Americans.
Our team is here to help you navigate all of those issues and to get the coverage that you and your family needs for 2018.
Schedule a Free Consultation today.
Our team will not only help you with your major medical insurance, we will also help you find your ancillary products as well (Dental, Vision, Supplements).
Why Would I Want A Supplement?
Prices for Obamacare plans are already high in most cases, and even worse, the deductibles and max out of pocket costs are high as well. A supplement can help offset those costs if something major were to happen.
Here is an example:
If you take the lowest plan available in your state in order to keep premiums low you will have a high deductible and, in many cases, even higher out of pocket costs. Imagine that you have a catastrophic event such as needing an emergency surgery. You are now on the hook for what is likely to be over $7,000 before the plan pays anything for you.
A supplement, which is usually a minimal charge per month, will actually pay that out of pocket expense for you so that the plan begins to cover everything for your healthcare for the rest of the policy year. These can be vital for families who would not be able to afford a catastrophic event with their healthcare.
Be sure to schedule a consultation today. Open Enrollment has been shortened this year to only 45 days so time is of the essence!
With the 2018 Open Enrollment period now only one week away many people are asking what has changed for 2018 with regard to their health insurance?
The simple answer is nothing much has changed. The main changes for the way 2018 will operate is that premiums are going up virtually across the board and some carriers have pulled plans out of certain states. Those are the main changes.
There are several bills in the Senate that are taking shape that would change some of the healthcare laws and regulations but, so far, the Senate can’t seem to agree on what should be done to repeal and/or replace Obamacare.
The IRS also recently announced that they will no longer process tax returns for 2018 that do not answer the question about health insurance. However, in many cases, the “penalty” is much less than the premiums would be under Obamacare compliant health plans.
So what are your options?
Short Term Medical Plans
- These plans currently go in 3 month increments but are substantially cheaper than their Obamacare counter parts.
- These plans do not cover pre-existing conditions so you need to be mindful of that if considering one of these plans.
Exchange Affordable Care Act Plans
- These plans run for 1 year.
- Certain people are eligible for subsidies if they are under a certain income threshold.
- Cover Pre-existing conditions
- Many of these plans limit the doctors that you are allowed to see and do not provide out-of-network coverage. Check with a licensed agent in your state to verify your doctors before purchase.
- Because of mandated coverages, these plans tend to be more expensive as you are paying for things you do not need.
- Supplements can help out of pocket expenses with either of the two major types of medical plans. They can help pay for deductibles and out of pocket costs in the event something catastrophic were to happen.
- Generally inexpensive.
To talk to an agent for a free consultation use the following link:
Schedule a Free Consultation
What is the Penalty?
People are very concerned about the Affordable Care Act penalty if they do not have what is called “Minimum Essential Coverage.”
First, what exactly does “Minimum Essential Coverage” mean? Minimum Essential Coverage (MEC) is any plan that falls into several categories. Below are a few types of plans, a full list can be found at www.healthcare.gov
- Any job-based plan including retiree plans
- Medicare Part A or Part C (does not include Part B)
- Most Medicaid Plans
- Most Student Plans
- Some VA Plans
If you are not enrolled in one of the MEC plans you are potentially subject to a penalty that must be paid with your taxes. So how much is the penalty?
There are two possible totals that you can pay, but you only pay whichever is greater:
Percentage of income
- 2.5% of household income
- Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace
- $695 per adult
- $347.50 per child under 18
- Maximum: $2,085
That is the penalty maximums and it can only be collected if you voluntarily pay it or if it is witheld from your tax refund. There is no liens, judgements, etc. that can be applied to you for not paying the penalty.
Why does this matter?
Some people do not find that the ACA MEC plans are affordable to them. In fact, this is the rule not the exception. So what options do you have?
There are plans out there that do not meet ACA requirements but have much lower premiums, and, for healthy people, often have better coverage. What you need to look at is how much you will save in premiums vs how much the penalty will cost. That determines which is the better option for you.
There are other factors to look at that a licensed agent will help you navigate. Request a quote today to get a call from an agent who can walk you through all of the plan options.