PPACA Update:
 
2016 - 2017 Individual Open Enrollment



Friends, 

 
We have been receiving a high amount of phone calls regarding this year's PPACA Open Enrollment.  We are currently reviewing all of the products and rates for the 2016 plan year.  As part of this review,  we will be illustrating what we believe are the top carriers both on and off the Health Insurance Marketplace (HIM) for your benefit.  We are hoping to have this work completed by mid-October so we can hit the ground running for the 11/1/16 start date of Open Enrollment.  Once we have completed our work, we will be reaching out to our client base to discuss the alternatives for 2017.

Here are some important dates and information you need to know prior to this year's Open Enrollment season:

 
If you like your plan you can keep it!

If you are happy with your current plan and the associated monthly premium you can keep the plan in place for 2017 - Unless, you have received a letter from your health insurance carrier stating that your plan is being discontinued.  If you do not receive a communication from your insurance carrier detailing this then you will be able to keep it in place for the 2017 plan year.

Important Dates

  • Open Enrollment Timeframe
    • Open Enrollment for Individual/Families is 11/1/16 through 1/31/17
  • Enrollment Timeframe for 1/1/17 Effective Date
    • You must enroll between 11/1/16 and 12/15/16 for a 1/1/17 effective date
  • Enrollment Timeframe for 2/1/17 Effective Date
    • You must enroll between 12/16/16 and 1/15/17 for a 2/1/17 effective date
  • Enrollment Timeframe for 3/1/17 Effective Date
    • You must enroll between 1/1/17 and 1/31/17 for a 3/1/17 effective date
  • 1/31/2017 - Open Enrollment closes for the 2017 calendar year.  If you do not secure individual coverage for your self by this date you will have to wait until 01/01/2018 to enroll in coverage unless you have a "Qualifying Event"


Mandated Penalties for Not Enrolling 

If you fail to enroll in health insurance , do not have group health insurance through your employer/your spouse's employer, have Medicaid/Medicare, or have health insurance through COBRA during 2017 you may be subjected to the following penalties:

  • Single Person - $695 or 2.5% of your adjusted gross income (whichever is higher)
  • Two People - $1390 or 2.5% of household adjusted gross income (whichever is higher)
  • Family (3 or more people) - $2085 or 2.5% of household adjusted gross income (whichever is higher)

How to Determine Your "Modified Adjusted Gross Income" (MAGI)

In short, your "Modified Adjusted Gross Income" (MAGI) is your income less any qualified deductions.  We understand that every situation is different with respect to MAGI so we have provided you with a very simple, one page document to assist you:

Do You Qualify for an "Advanced Premium Tax Credit" (APTC) and/or "Cost Sharing"?
 
In general, if you make less than 400% of the Federal Poverty Limit (FPL) you may qualify for an Advanced Premium Tax Credit (APTC) to help pay your premiums each month.  Here is a simple chart to illustrate what income level you need to be at to qualify:


PLEASE NOTE:  if you have income between 150% and 250% of the Federal Poverty Limit (FPL) you will qualify for Cost Sharing which will further reduce your out-of-pocket expenses.


Get a Head Start...

We only have 90 days each year to try to address every client during Open Enrollment.  As you can imagine, this is very challenging when we are talking about thousands of people!  However, if you would like to get a "Head Start" with your Altruis Benefit Advisor please do the following:
  1. CLICK HERE to access the "Do I Qualify?" page on our company website
  2. Please complete all the required fields
  3. Please select your Benefit Advisor from the drop down list provided
    1. If you do not have a Benefit Advisor please select "I do not have an advisor"
  4. Click "Calculate"
Your Altruis Benefit Advisor will review your information, calculate your approximate Advanced Premium Tax Credit (APTC), and contact you to discuss your 2017 plan options.  This is a great way to get ahead of the game and it allows us more time to work with you and answer any questions or concerns you may have.

As always, we sincerely appreciate the opportunity to assist you with your health insurance needs!  You can contact the professionals at Altruis Benefit Consulting using the information below if you have any general concerns about your coverage, Open Enrollment, or Health Care Reform in general.  We look forward to hearing from you!



 
www.altruisbenefit.com | 877.442.5878 | @altruishealth | info@altruisbenefit.com

 

altruis benefit consulting
 

Empower yourself!  We have earned the trust of over 200 Michigan employers through our use of innovative technology and over 50 years of combined market experience.  Contact us today to see how our products and services continue to evolve with today's changing marketplace.

 

 

877.442.5878 | www.altruisbenefit.com | info@altruisbenefit.com