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As we approach this next enrollment period (11/15/2014 - 02/15/2015) for individuals and families under the Affordable Care Act there are some things to be considered.
People who are receiving subsidies today, are being told that they can "do nothing" and automatically be re-enrolled in the plan they have today. If that plan isn't going to be available for 2015, the insurance carrier will place you in a plan that's close.
But - even if you do want to keep the plan you have, you must keep in mind that if you do nothing, the subsidy amount you are currently receiving will stay the same and your share of the premium that you'll have to pay could increase.
So, most ACA subsidy recipients, should really go to the website (Healthcare.gov) when the enrollment period begins to re-apply and do a subsidy re-determination at that time for the year 2015. If you don't, you may be surprised when the January 2015 bill comes.
In addition, you may want to re-visit things, simply because there will be some new plan offerings and, in some cases, some new carriers available on the exchange in your area.
Some of the Pre-ACA plans will only extend through the end of 2014 for some, so even if you are not receiving any subsidy money, you'll need to go shopping for a plan to begin on January 1. If you don't qualify for the subsidy money, you can purchase "off-exchange" plans from a variety of sources - including your local agent or broker.
If you do qualify for subsidy money, then you can get assistance from a Navigator, Agent, or broker to review the process, help you access the local exchange in your area, and assist you with selecting plans.
People who had grandfathered plans (meaning, they were effective prior to 3/23/2010) can keep them as long as they desire. Some others have received extensions of pre-ACA style plans that are not grandfathered beyond the year 2014. Even though people can keep these plans - they must pay attention to note any rate activity on the plans that they currently have. That may affect a decision on what to do in the coming year.
Each of you should be receiving some type of communication from your insurance carrier regarding your personal situation.
- For policies to be effective on January 1, 2015 (i.e., for those who will absolutely lose coverage at the end of December 2014), you'll have to shop and be enrolled no later than December 15, 2014.
- If you enroll by 1/15/2015, you'll have an effective date of 2/1/2015. If you enroll by 2/15/2015, then your insurance will be effective on 3/1/2015.
- If you do nothing, your insurance will continue and any price changes will be reflected in your first billing cycle in 2015.
Bob Laszewski's latest blog post outlines many things to be considered. Read the blogpost here . . . .
