Obamacare: Open Enrollment What You Need To Know

Media / Blog

Obamacare: Open Enrollment What You Need To Know

Prev

Don’t Invest In The Dreams of Someone Else

November 17, 2014

It may be open enrollment season for many of you at work, but for millions of Americans it will be the official open enrollment for Obamacare coming up this Saturday.  Amidst the unknown of the upcoming Supreme Court case regarding federal subsidies, there is a plethora of information to digest for those of you who are considering the federal marketplace for your health insurance.  Here are my five smart money moves Q & A to help you get an initial start to understanding the open enrollment period beginning this week.

Get Obamacare Help Here >

Question 1:  When does open enrollment start/end and how many people are expected to sign up this year?

  • Starts November 15, 2014 and ends February 15, 2015.
  • You must apply by December 15th if you want your coverage to begin January 1st
  • There are no other enrollment periods unless you qualify for a special enrollment for life events such as marriage, divorce, birth of new child, etc.
  • The CBO expects 13 million people to sign up this year.

Question 2: Is the Government selling health insurance?

  • No, there is no Government agency- it is a federal marketplace you can access through www.healthcare.gov.
  • You can get the same options from independent private companies (go to www.hlnobamacare.com and we can get a quote for you).
  • You have 5 categories of coverage – bronze, silver, gold, platinum, and catastrophic.  The bronze health plan will pick up roughly 60% of the costs and you will pay 40% of the costs.  The platinum plan is 90%/10%.

Question 3: Do you have to carry insurance?

  • Yes or you can get fined.  I will discuss the fine in question five.
  • All market place plans have 10 essential health benefits.  ‘Essential health benefits’ are benefits such as trips to the emergency room, lab tests, prescription drugs, etc.
  • Depending on your income and people in your household, you can potentially get federal subsidies to pay for your health insurance.

Question 4: Why are premiums rising so high?

  • Because this is GUARANTEED coverage.
  • You cannot be denied- pre-existing conditions, pregnancy, etc.
  • It is also why you can’t just drop and pick up coverage.  For example, you can’t enroll in July, have $100,000 of costs, and then drop in August.

Question 5:  What are the fines if you don’t take on health insurance?

  • 2% of your household modified adjusted gross income (OR)
  • $325 per person/$162.50 per child to a maximum of $975 whichever is more for your household
  • You should be listing your fine on your tax return under the clause of ‘shared responsibility.
  • IRS holds back from future refunds if you don’t pay on the honor code.
  • No liens, levies, or criminal penalties for not paying according to www.healthcare.gov

This isn’t a full and complete list of everything you need to know.  To get more information, go to www.hlnobamacare.com or you can go to the Government website at www.healthcare.gov.  Get smart about your health insurance so you can make the best moves for your family profit and loss statement.

Get Obamacare Help Here >

Written by: Ted Jenkin
Request a FREE consultation: www.oxygenfinancial.net

Next

Protected: 11/11/14 – Obamacare 101: What To Do When Enrolling

Sign Up

Sign up for our exclusive Sunday Paper with a weekly market commentary, insightful personal finance blogs, and life changing education guides.

Email sign up

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

This site is published for residents of the United States only. Registered Representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact Kestra IS Compliance Department at 844-553-7872.

PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. Kestra IS and Kestra AS makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is Kestra IS and Kestra AS liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.