Can you believe it’s almost that time of year again? It feels like it just goes faster every year! No, I don’t mean my birthday this month, or Valentine’s Day in two weeks … I mean the end of open enrollment, Feb. 15!
Last year, open enrollment went until March 31, so it might have felt like you had more time. The end of open enrollment marks the last opportunity for uninsured individuals to enroll in private insurance coverage, premium tax credits, and cost-sharing subsidies for 2015.
This year was the first opportunity that people who were newly insured in 2014 could renew their health plan coverage and subsidies. It’s a big deal, folks!
Only a week and a half left!
In the next 11 days, you still have the opportunity to shop and enroll in a health plan that fits your needs. Don’t miss out on your chance for great coverage this year!
What you need to know:
- If you had great coverage last year, you could simply renew your health plan and rest easy. However, if your health plan didn’t fit your needs, now is the time to shop the Marketplace or other private health insurance to get the best plan for you.
- If you choose to pick a new health plan by the open enrollment deadline, Feb. 15, you could have your new coverage take effect March 1.
- The maximum out-of-pocket limit for all Marketplace plans on what you’re required to pay for in-network services went up slightly from last year. For 2015, the OOP limit is $6,600 for an individual and $13,200 for a family policy. (In 2014, it was $6,350/$12,700).
- Under the Affordable Care Act, not having health insurance results in a tax penalty. This year, that means $325 per adult or 2% of household income over the tax filing threshold. However, there are some exemptions.
- Premium tax credits for quality health plans must be reviewed each year. If you have a Marketplace plan and you’re receiving advanced premium tax credits (APTC), you’ll need to have your financial assistance renewed.
Tools and resources:
- For an in-depth review of the 2015 open enrollment period, I would recommend reading this review: Explaining the 2015 Open Enrollment Period.
- For more information regarding taxes, check out this healthcare.gov article: How health coverage affects your 2014 federal income tax return.
- For additional information on the Marketplace, check out this guide: A one-page guide to the Health Insurance Marketplace.
So whether you celebrate my birthday or Valentine’s Day, don’t miss out on the end of open enrollment! It’s your last chance for great coverage until October! (Unless you qualify for a special enrollment period … which we’ll cover in another blog post). Happy shopping!