Need to Know: Health Insurance Marketplace 2015

Open Enrollment: Dates to Watch (Found on Healthcare.gov):

• November 15, 2014: Open Enrollment starts — the first day you can apply for 2015 coverage
• December 15, 2014: The last date to enroll for coverage that starts January 1, 2015
• December 31, 2014: Date when all 2014 Marketplace coverage ends, no matter when you enrolled
• January 1, 2015: The date 2015 coverage can start if you apply by December 15, 2014, or if you accept automatic enrollment in your 2014 plan or a similar plan
• February 15, 2015: The last day to enroll in 2015 coverage. If you miss this deadline, you can’t sign up for a health plan inside or outside the Marketplace for the rest of 2015. The only exception is if you qualify for a Special Enrollment Period.

 

What to expect from the Marketplace in 2015 (found on Zanebenefits.com)

 

Enrollment Expected to Grow

This year, over seven million people bought health insurance plans through the Marketplaces, and the percentage of uninsured Americans is at the lowest it has ever been – 13.4% in Q2 of 2014. For 2015, the Congressional Budget Office has estimated that enrollment will grow to 13 million. More individuals are purchasing individual health insurance coverage than ever before.

Premium Tax Credits Available

For individuals and families whose yearly household income is between 100% and 400% of the federal poverty line, premium tax credits are available. In 2014, 87% of those who selected a health plan received premium tax credits and paid, on average, only $82/month.

 

Individual Mandate Penalty Goes Up

Still want to take your chance with no insurance? — in 2015, you will pay for it! For 2014, individuals that didn’t have coverage will either have to pay 1% of their yearly household income or $95 per person for the year ($47.50 per child under 18) – which ever amount is greater.

This is also the case for 2015, but the  Individual Shared Responsibility Fee increases in 2015. Individuals who do not have coverage in 2015, and do not qualify for an exemption, will have to pay the greater of: 2% of yearly household income, or $325 per person for the year ($162.50 per child under 18) With the fee increasing in 2015, most will find it less expensive to purchase affordable coverage than it is to pay the fee.

 

Auto-enrollment

Already have coverage? There is an auto-enrollment option available if you don’t want to go through enrollment again. However, if you are going with this option, you may want to check with the Marketplace or your insurance agent to see if your plan is getting a premium increase for 2015 so you don’t have any surprises with your 2015 premium. 

 

 

Want more info on plans? Contact us at 417-725-1131 or request info here