Everything you need to know about "Open Enrollment"
October 1st, 2013 is fast approaching and we are getting a substantial amount of phone calls from clients wondering what they need to do? Feelings of uncertainty, "panic", and confusion are common when we have a change as substantial as this. To assist, we have provided you with the following steps to follow regardless if you have coverage today or not!
Step 1: Evaluate the health insurance plan you have today
If you currently have health insurance
- It will be important for you to contact Altruis Benefit Consulting and speak with your licensed, insured, and exchange certified advisor.
- We will help you determine if the plan you currently have is being discontinued at the end of the year
- We will help you determine if there is better coverage available through the MI Health Marketplace at a lower cost
- We will help you determine if you qualify for a government subsidy to help pay your health insurance premiums
If you do not currently have health insurance
- It will be important for you to contact Altruis Benefit Consulting to discuss the options available to you in the MI Health Marketplace
- Effective January 1st, 2014 every American is required to have health insurance or they will be subjected to a tax penalty
- if you choose not to purchase health insurance during open enrollment, and you have no insurance through another source (spouse, employer, Medicaid, etc.) you will not be able to purchase health insurance until January 1st, 2015.
Step 2: Determine if you qualify for a government subsidy
- We have estimated that approximately 70% of Americans will qualify for government assistance to help purchase their health insurance during open enrollment
- If you are at or below the following income levels you may qualify!
- Single - approximately $45,960 per year
- Couple - approximately $62,040 per year
- Family of 4 - approximately $94,200 per year
- If your income is at or below these levels the professionals at Altruis Benefit Consulting will walk you through the qualification process to determine your exact subsidy amount
- If you qualify for a government subsidy you must enroll in coverage through the MI Health Marketplace otherwise you will not be able to use your subsidy
Step 3: Select the plan you wish to enroll in during Open Enrollment
- if you enroll in a plan between October 1st, 2013 and December 31st, 2013 your plan will go into effect on January 1st, 2014
- If you enroll in a plan between January 1st, 2014 and March 31st, 2014 your plan will go into effect the first of the month following the month you enroll
- For example: you enroll in a plan on February 23rd, 2014, your effective date will be March 1st, 2014.
- During open enrollment you cannot be denied coverage due to you medical history
- Children can remain on your family health insurance plan until the end of the year in which they turn 26 years old
Step 4: Enjoy your health insurance plan!
The professionals at Altruis Benefit Consulting are committed to helping you understand the open enrollment process so you have the knowledge necessary to make the best health insurance decision for yourself and your family. You may contact us at any time if you have questions about the open enrollment process and how it will impact you going forward.
877.442.5878 | www.altruisbenefit.com | @altruishealth | email@example.com