What you need to know before buying health insurance during open enrollment.
Open enrollment has officially opened, which means right now is the perfect time to sign up for a new health insurance plan. Even if you have signed up for health care through the Marketplace in previous years, there may be some changes that you need to know about. Keep these 2016 open enrollment facts in mind to help ensure that you are able to get the right amount of coverage.
- The dates have changed – open enrollment started on November 1st and will run through January 31, 2016. If you want your coverage to start on January 1st, you will need to invest in a policy before the middle of December.
- The penalties have increased – if you do not sign up for health insurance during the open enrollment period, you will have to pay a higher fee than ever before. The cost of not having coverage is 2.5 percent of your total annual income or $325 per adult, whichever amount is more.
- If you live below the federal poverty level, look into silver plans – there are two common types of subsidies, Advanced Premium Tax Credits (APTC) and cost-sharing reductions (CSR). To qualify for APTC, your household income has to be between 100 percent and 400 percent of the federal poverty level. To qualify for a CSR, income has to be between 100 percent and 250 percent of the federal poverty level.
- You should shop around – the best way to help save big money on your health insurance policy is to shop around and compare policies. The sooner you start comparing, the better prepared you will be.
For all of your health insurance needs through the 2016 Affordable Care Act open enrollment to ensure that you are able to get the coverage that you deserve, contact ISU Wissink Insurance in Culver City, California.