If you are reading this, then you know it’s past March 31st which means that the open
enrollment window for those looking to purchase individual medical plans under the new Affordable Care Act law is officially closed.
- Were you able to purchase a plan?
- Did you successfully maneuver through
- the marketplace?
- Did you find something that was “affordable”?
- Were you able to accurately estimate your 2014 household modified adjusted gross income?
- How about your plan choice? Did you pick a plan that allows you to access doctors in your area and/or the hospital systems you want?
- What if you anticipate a life change for 2014? How did you take that into account?
- Here’s a biggie – did you write down your username and password for the healthcare.gov website?
- Did you correctly enter your household members?
- Did your children get removed from your plan and directed to the Michigan Medicaid system?
- What health insurance carriers are available in your area?
- Do you fully understand the benefits you are enrolled in and how they function?
If your head isn’t spinning yet, I’d be surprised! These are some of the tough questions that we were able to help clients with. The details of the Affordable Care Act have been 4 years in the making. We are done with the first year of open enrollment. Individuals are waiting with bated breath to see how their decisions play out for the rest of 2014 as they begin to get accustomed to their new plans and how they function. Will they have problems accessing coverage? How about the extreme “hold” times on line with the carrier to get claims questions answered. How will hospital systems and billing departments be able to accurately code and communicate the new essential health benefits?
We are anxiously awaiting tax time in 2015 to see how accurate our estimation of income levels are for the purpose of subsidy qualification. Will you be the person who over estimated your income and may see a return? Worse yet, are you the person who underestimated your income, thus obtaining too high of a subsidy and may see a nasty bill from the federal government in your future?
If you are plagued by any of these questions throughout the 2014 year, please consider seeking the advice of a health insurance advisor or broker. We can help take the uncertainty away from these decisions as well as effectively communicate plan choices and alternative options. You may decide that the marketplace isn’t the BEST place for you and your family. You may decide that CHOICE reigns supreme and that other carrier options are what you prefer.
If you haven’t made a decision for 2014, it is too late. Contact us to better prepare for 2015.