What to do for Health Insurance Now
With any change of Presidents there will be a national conversation that begins with a lot of unknowns and speculation involved on what is going to happen to our healthcare system.
With all the Facebook posts, Tweets, Snap chats, blogs, articles, and talking heads… it is easy to get over loaded with info and not know what to do or what to believe.
It is best to understand the facts:
- No matter what fate is decided for the Affordable Care Act (Obamacare), there is still a law, and it is still in place.
- Open enrollment for all of our healthcare started on 11/1 and ends on 1/31
- In order to be covered with health insurance by 1/1, you can’t wait to give it as a gift on Christmas — its gotta be done by 12/15 the previous month.
Like all Americans right now, if you don’t like paying extra taxes for no reason, you will need to get covered by 1/15 to avoid any penalties (it has been like this for years now so get with it!).
If you are covered through a group plan by the folks you work for then power to you, no worries at all in that case.
Sometimes change is good and some time change is bad and sometimes, whelp, change is just change. So things could get different, but not likely any time soon — so most insurance agents (many of them indifferent because they get paid no matter what happens) recommend you sticking with the current rules for now.
In the end, we all just want to be protected in case something crazy happens like you get sick or ill or need some life saving surgery. For a decent reminder on how to enroll, keep reading.
- Every boy scout knows to ALWAYS BE PREPARED.
Make sure you remind yourself to follow up with your current coverage provider on how to re-up your plan this year. Be diligent with any changes you need to know about as well.Just because you had a great health year last year, doesn’t mean you will have one this year. Speak to your doctor, get your yearly physical, if you need to make any changes make sure your coverage lines up with those health related changes…. Like do you have a big surgery coming up? Maybe it is time to up the premium a bit?
- As with any purchase in life, DO YOUR HOMEWORK and ask the right questions.Be proactive here folks – care about yourself, about your health plan – ask questions. One of the best ways to do this is to talk to a broker or agent who represents multiple plans and coverage options. They get paid relatively the same commission by all the insurance companies so it is in their best interest to make you happy and find the right plan that fits your needs.
Precision health starts with personalized health plans – make sure you find the right one every year.
- Do you know what a subsidy is? How about the exceptions for not having coverage.The good thing about the ACA is that it was meant to provide healthcare at an affordable price for every person in the United States. This means that YOU, yes you, maybe entitled to a discount on your premium based on your yearly income. Find out what your tax credit and other out of pocket savings will be by asking your carrier, your agent, or when you apply for new coverage on healthcare.gov.
Remember the Penalties
Obamacare built in some buffers if something comes up or changes happen and you are unable to obtain or retain coverage for up to 60 days. If you go longer than that allotted time frame, there could be penalties you will owe or additional taxes you have to pay on a household basis.