OPEN ENROLLMENT 2015: WHAT YOU NEED TO KNOW

Everyone is talking about “Open Enrollment” . . . and you may be scratching your head and wondering what all the fuss is about. Here’s what you need to know about Open Enrollment:

• Open Enrollment is the once-a-year period when you can enroll in “major medical” health insurance.  “Major medical” insurance is comprehensive health insurance that covers a wide range of benefits, from hospital inpatient and emergency care to doctor visits and pediatric services.
•  During Open Enrollment, you can also apply for subsidies to help you afford your monthly health insurance premiums. These subsidies are for eligible households only, and are based upon your household income and household size. If you qualify, a subsidy will help make your premium payments more affordable.
• Open Enrollment begins on November 15, 2014. That’s the first day that you can sign up for a health plan that begins on January 1, 2015.  Open Enrollment will close on February 15, 2015. After that, most people will be unable to purchase major medical health insurance until the following year unless they experience a life-changing event (such as moving to another state, getting married or gaining a dependent).
• Over 7 million people signed up for subsidized major medical plans last year, and millions more found that they were covered by Medicaid. If you are uninsured or underinsured, this is the time that you should research your options. Even if you already have coverage, you may find a new subsidized plan provides you with better coverage at a more affordable price.
• Keep in mind that if you don’t have comprehensive health insurance – such as major medical coverage, coverage through your employer, or coverage through a government program like Medicare or Medicaid – you may be liable for a tax for not having insurance. This is called the “individual mandate” and it is perhaps the most controversial provision of the Affordable Care Act.
• There are some types of insurance that you can buy year-round, including short-term medical coverage. However, these policies – along with limited benefit policies – do not meet the federal government’s coverage requirements. If you don’t know whether your current policy meets the government’s coverage requirements, talk to a licensed insurance agent!
• When shopping for a policy, keep an eye on those deductibles, co-pays and co-insurance requirements. A licensed insurance agent can explain what those terms mean. Some policies can leave you responsible for significant out-of-pocket costs, so choosing the right health plan – and perhaps the right “gap” plan to supplement it – is critical.
• Don’t delay! When applying for a subsidy, the government may require you to produce documents so they can verify your income. That can slow down the process a bit, which is why it’s critical that you act early during the Open Enrollment period so you can be assured your coverage is effective on January 1^st! 
• Help is only a phone call away! Many people have found it too time-consuming and frustrating to deal with the government-run Exchanges. The licensed insurance agents at iCan provide a level of customer service that you can’t get from a website.  They’ll help you understand how healthcare reform impacts YOU. They have helped thousands and thousands of Americans find the coverage they need at an affordable price. Call to find out what products they have available in your area. iCan has set up a special “Enrollment 2015” page, which you can access by clicking on the logo below.