The individual and families health insurance’s open enrollment for 2016 is approaching. Below are tips on how to get ready, be one step ahead of the game and potentially save time and money.
The upcoming open enrollment for 2016 health insurance will run from November 1 2015 through January 31 2016. For more details on the 2016 open enrollment visit http://www.shkedia.com/Health-insurance-open-enrollment-2016.html
Click Here for Obamacare Subsidy Calculator – to check if you are eligible for the Premium Tax Credit, Subsidy or Medicaid for Individual/Family health insurance
You are welcome to ask for a quote, apply on-line or contact us for a free and confidential review of your current plan or to check for new health insurance coverage.
If you already have individual health insurance in 2015
- By October 2015 the insurance carriers will mail the families the new rates for 2016 along with the new insurance benefits. The premiums for most of the 2016 health insurance plans will go up, in some cases 20% or more. For example: Care First Blue Shield received an approval to increase the premiums of individual and family health insurance plans in MD, DC, and VA by 20% on average for 2016.
- Click here for the 2016 Medicare Open Enrollment – runs October 15 2015 through December 7 2015 for January 1 2016 coverage.
- Most plans from 2015 will be automatically renewed for 2016, many with new rates and benefits. A common way for insurance carriers to keep premiums closer to their 2015 level without raising the rates, is to enroll families on a different plan in 2016 with higher deductible and higher out of pocket expenses.
- Some health insurance plans will remain the same for 2016 while the premiums will be lower. Each insurance company runs their own calculations, and some have decided to drop the premiums for 2016.
- Many insurance plans will be terminated on December 31 2015. Families will need to apply by December 15 2015 for a new plan for January 1st 2016 effective date. To name some : Assurance health is out of the individual health insurance market, all of their plans will be terminated at the end of the year. Aetna announced that many plans will be terminated by the end of 2015. How to save time and money
- It is highly recommended to review your 2016 health insurance plan in details, both premiums and benefits. During the open enrollment you will have the opportunity to switch plans to one which better fits yours or the family need. For more information on how to maximize your health insurance plan and save on medical costs ,visit: http://www.shkedia.com/maximize-health-insurance-save-cost.html
- It is recommended to file your tax return or to have a draft of it by the end of January 2016. For those who receive premium subsidies from the state exchange or healthcare.gov in 2015, the adjustment of the subsidy is calculated on the 2015 tax return. Based on your actual Adjusted Gross Income (AGI – form 1040 line 37) you may be required to refund premium subsidy back to your state. On the other hand you may receive additional premium subsidies from the state, all based on your actual AGI. By having the real income numbers in January 2016, you can better estimate your projected income for 2016, better calculate your subsidy level, and select a health insurance plan accordingly, all during the open enrollment period.
- It is highly recommended to try to log-in on your insurance’s website or your state’s exchange. Make sure that you have access before the open enrollment starts on November 1. One of the most time consuming step is when your log-in attempt doesn’t work. Trying to reset your password or fix any log-in issue during the open enrollment period could result in a very long delay, sometimes days, due to the high volume of phone calls. Many people try to log-in and switch plans at the last moment. If your log-in is not correct or expired you may miss the opportunity to switch plans during the open enrollment period.
If you plan on signing up in a new individual health insurance in 2016:
- If you consider to enroll on a new health insurance plan for January 1st 2016 effective date, you must apply by December 15 2015. In general, the deductible, co-insurance and other out of pocket expenses are not transferable from one plan to another. If you have two or more plans during any given calendar year, you may end up paying extra deductible, copays, co-insurance costs compared to having one plan throughout the year.
- For January 1, 2016 effective date, consider to apply before the deadline which is December 15, 2015. Last year, families which applied at the last moment had to wait up to two months until the approval. It takes a long time for insurance carriers to process plans due to a high volume of applications. During January 2015 and portions of February, many families who applied at the last moment, did not have their application approved by January 1st. Those families had to pay out of pocket for medical services while waiting for approval of their application.
Tips on how to save on medical bills and maximize on health insurance
Service numbers: 301-816-9079 or 888-Shkedia.
Serving areas: CA, DC, FL, MD, NJ, NY, PA, TX, VA, WA, Worldwide