Open enrollment starts on November 1st.
It is almost time for open enrollment 2016! The Affordable Care Act (ACA) open enrollment starts on November 1st and is the only time that you will be able to enroll in a health insurance policy for next year to meet the minimum required amount of coverage. Keep these ACA open enrollment tips in mind to ensure that you are able to find the right policy to meet your needs.
- The Marketplace can help those without health coverage – if you do not have health insurance policy through your job, Medicaid, Medicare, CHIP, or another source, you can use the Marketplace to find coverage.
- Your income will determine your costs – the amount of money that you can save on your health insurance costs will depend on your expected income for 2016, not what you made last year. Based on your estimated income, you may be able to qualify for a health insurance plan with savings or Medicaid and the Children’s Health Insurance Program (CHIP).
- There are different ways to apply for coverage – you can apply for a health insurance plan through the Marketplace online, on the phone, in person, or with a paper application.
- You will face a fee without coverage – if you do not enroll in a health insurance plan before the end of open enrollment, you will have to pay a fee with your 2016 federal taxes. You will either have to pay 2.5 percent of your total income or $695 per adult and $347.50 per child, whichever amount is more.
For more information on the ACA open enrollment to help ensure that you are able to enroll in a policy that will provide the right amount of protection to meet your needs, contact HR Solutions & Brokerage in Lakewood, Colorado, serving you and your needs.