Obamacare’s Open Enrollment is here again. Many aren’t sure they have the right health care coverage or feel they are paying too much.
Health Markets, a national organization that helps folks find affordable health insurance under Obamacare, has information that can help you figure it out. HealthMarkets offers a free service to help folks make sure they are saving the most money on their health insurance under Obamacare.
They can search thousands of health plans from over 180 different insurance companies, plus they’ll maximize your subsidies to save you money.
- With Open Enrollment here, what do people need to do? If you signed up last year, you need to re-enroll to make sure you have the right health plan and to get the right subsidy for 2016.
- What about my listeners who didn’t sign up last year, what should they know? It could be expensive not to enroll. The tax penalty for not having health insurance doubles this year. It’s not worth going uninsured and paying nearly $700 per person in extra taxes.
- For those who already have a plan, should they consider shopping for a different plan or stick with the one they have? It makes sense to shop since rates for plans are changing all across the country. The only way to know for sure if you have the right plan is to shop and compare.
- Where can you go to receive free help from Health Markets? Go to Healthmarkets.com or call 800-967-2136.
Your questions about Health Care enrollment answered next page.
I got married on 9/20/15. Do we have to re-enroll?
Congrats! You should re-enroll to make sure you have the right health plan for 2016. With so many changes to health plans, pricing and subsidies, you can only be sure that you have the right coverage and are saving the most money if you shop, compare and re-enroll.
What if I don’t have a job?
If you don’t have a job, you are still required to have health insurance or you risk paying a tax penalty that’s either 2.5% of your income or $695 per person (whichever is greater).
What is a subsidy, exactly?
A subsidy is the financial assistance that the government provides to lower the cost of health insurance. On average it lowers the cost by 70% and for some people, it can be enough such that they may obtain coverage for free.
Are penalties given to families that lost their insurance due to force reduction?
The tax penalties apply, with very limited expections, to anyone who does not have health insurance. If you lost your insurance due to losing your job, you are expected to obtain new coverage.
What about those who are unemployed? Do they pay a penalty?
Being unemployed will not necessarily exempt you from the tax penalty.
I will have employer insurance until I retire in February. Can I still enroll then or what do I do at that point?
A. While most people need to enroll in health insurance during the Open Enrollment Period which is going on now, you may enroll at other times of the year if you have what’s called a Qualified Life Event (QLE). Losing your coverage from your employer is a QLE and will allow you to enroll in new coverage at that time.
What if the uninsured person is a full-time student and is not working at age 26?
You still need to obtain insurance to avoid the tax penalty.
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