By Brian Thede
For most people, decisions about health insurance for next year are being made right now. You could have health insurance through a group plan at work, are a business owner concerned about benefits for your employees, purchased individual coverage, or selected a combination if you found more affordable coverage for a spouse or family than you might have been able to get by adding them to your group plan. No matter your circumstance, here are important points to be aware of:
- The Open Enrollment period for 2016 runs from November 1, 2015 until January 31, 2016. This period has changed each year since the Affordable Care Act was implemented. Two years ago, the cut off was March 31, and last year, it was February 15. And next year, it will be changing again (to begin on Oct. 1, and end on Dec. 15, 2016).
- Coverage always begins on the first of a month, so the application process must be complete by the 15th of the prior month. Otherwise, you will need to wait until the following month to start your plan.
- The penalty for not having insurance continues to go up. For 2016, it is the higher of 2.5 percent of household income, or $695 per person (compared to 1 percent or $95 just two years ago). And even though the law requires most people to have medical insurance, there are still many who have not yet obtained coverage, for a variety of reasons.
- Due to constant changes, it is necessary to be aware of how your plan matches up with others in the market. The most affordable plan is not likely to be the same from year to year. Do not make the mistake of automatically re-enrolling in your plan without checking out the alternatives.
- It is important to know that most insurance companies have plans that are NOT available on the public marketplace. And since there is no extra cost to work with a qualified, licensed insurance agent, it is a good idea to consider using a broker to help compare plans and answer questions.
You may have done the research and selected the coverage that provides the protection you want, and the price you can best afford. Or it is possible that you haven’t fully considered all the benefits options that are available to you.
If you are undecided or unsure about your health insurance options, please contact your insurance agent, or The Employers’ Coalition for Healthcare, Inc (ECHI) at 309-829-1185, or visit getechi.com. ECHI is a wholly owned subsidiary of the McLean County Chamber of Commerce.
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