To re-shop your health insurance you will first have to find your current policy and see how much you pay per a month. Your rate may be higher than what you originally paid. Often policies go up during your annual renewal. Once you know your current premium, you will also want to take notice of your annual deductible, copays, and max out of pocket. Max out of pocket is the most you would have to pay in one year. It is your maximum financial exposure.
The Affordable Care Act: Your Income may qualify you for subsidized health insurance.
A major part of the Affordable Care Act is the ability to apply for an Obamacare subsidy to help pay for your coverage. For example a single person with an income under $46,000 will most likely get a discounted health insurance policy. The ACA subsidy is based on your income. So you may want to have a copy of your last pay check handy as well as a copy of your federal taxes. The subsidies can be very valuable and it is not uncommon for people to have the government pay for most of their health insurance.
Can I change my plan now?
Depending on the time of the year you may be able to enroll easily or you may need to meet a requirement. For example, for the 2016 OE you’ll have to apply from November 1st through January 31st. February or you’ll need to have a life event that triggers a Special Enrollment.
The most common Special Enrollment is Loss of Coverage. This would imply an involuntary loss of coverage such as leaving a job, or getting divorced and the coverage drops the spouse. Another common Special Enrollment is moving. If you move within the same county it may not trigger a special enrollment. Most special enrollments are only good for a 60 day window. Many Americans procrastinate and forfeit their Special Enrollment. Once the Special enrollment is forfeited it is likely you will get a tax penalty from the IRS. You are only allowed 90 days a year to not be covered.
How do I enroll in a Ohio health insurance plan?
There are many ways to obtain health insurance coverage, but recent surveys conducted by the Federal Government and the health insurance carriers have found that using the free services provided by the Federally Facilitated Marketplace Agents is the best way to obtain coverage. Here is what they discovered:
- Without assistance majority of people felt uncertain if they completed the Federal application for subsidy correctly.
- Without assistance majority of applicants did not know if their hospital or doctor accepted the plan they chose.
- Without assistance the majority of applicants did not know what their individual and family deductible were, nor did they know if they had an instant copay benefit.
- Without assistance the majority of applicants did not know how to make their first payment.
Of the estimated 16 million applicants many specialist are estimating that only 10 million are currently paid and active. It is believed this is because the applicants were so uncertain of what they enrolled in that they did not want to pay the first premium in fear they had completed the application incorrectly, and may be at risk of providing fraudulent information to the IRS.
Conclusion:
America had a chance to make shopping health insurance easier, but it failed. However, good agents and FFM’s exist across the U.S. If you would like to be connected with a Federally Facilitated Marketplace Agent, please schedule a phone call for a free consultation on your options.
If you do not want government involvement, simply use www.EasyToInsureMe.Com to shop private health insurance plans.