The Health Insurance Marketplace

Financial PlanningPosted on December 1st, 2016No Comments

doctor-tablet-computer-open-enrollmentOpen enrollment to sign up for health insurance coverage for 2019 under the Affordable Care Act runs from November 1st through December 15th, 2018. Those intending to enroll are encouraged to start the process early this year as state-by-state plans are expected to vary more this year than in the past and navigating the site may be more difficult than past years due to budget cuts. With these deadlines nearing, we share a quick guide from the HealthCare.gov website to help you learn more about enrollment, potential savings, picking a plan and more.

1. Open Enrollment for 2019 coverage is November 1, 2018 through December 15, 2018

  •  After December 15, you can enroll in 2019 health insurance only if you qualify for a Special Enrollment Period.
  • 2019 coverage will begin on January 1, 2019, if the premium is paid.

2. What you pay for insurance depends on your income — and you’ll probably save

  • Your savings depend on your expected household income for the year.
  • Get a quick idea if you’ll save. Based on your income estimate, we’ll tell you if you qualify for a health insurance plan with savings, Medicaid, or the Children’s Health Insurance Program (CHIP).

3. You can apply for coverage 5 ways

4. The Marketplace is for people without health coverage

  • The Marketplace is primarily for people who don’t have health insurance through a job, Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or another source of qualifying coverage.
  • If you have job-based insurance: You can buy a Marketplace plan, but you’ll pay full price unless your job-based insurance doesn’t meet certain standards. Most job-based plans do.
  • If you have Medicare: You can’t switch to Marketplace insurance, use a Marketplace plan as a supplement, or buy a Marketplace dental plan. Learn about Medicare and the Marketplace.

5. Fees for 2019 plans and beyond

  • If you don’t have coverage during 2019, the Shared Responsibility Payment/Fee no longer applies. You don’t need an exemption in order to avoid the penalty.

The above information and more can be found at www.HealthCare.gov.

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