HEALTH INSURANCE OPEN ENROLLMENT
Health insurance open enrollment
Health insurance is vital for managing healthcare costs and ensuring access to necessary medical services. During the open enrollment period, individuals and families have the opportunity to evaluate and select plans that best meet their health needs and financial situations.
It’s recommended to review your current health plan and assess if it still aligns with your needs. Changes in health, family size, or financial circumstances can significantly impact what you require from your health insurance.
The open enrollment period is not just about signing up; it’s also an opportunity to educate yourself on the various types of plans available. Understanding the differences between HMO, PPO, and EPO plans can help you make a more informed choice about your health coverage.
All plans have different levels of coverage, and understanding your potential out-of-pocket costs is crucial. For instance, if you foresee needing specialist care, a plan that covers such services with lower copayments may be beneficial.
HEALTH INSURANCE OPEN ENROLLMENT TIMELINES
Health insurance open enrollment begins November 1st and ends on January 15th. If you do not act by the Jan 15th deadline, you will not be able to enroll in a plan unless you qualify for a special enrollment period. All plans sold during the sign-up period ending Dec 15 begin on January 1st of the following year & all plans sold by January 15th start on Feb 1st. Listed below are a few things to expect in advance of the next health insurance open enrollment period.
MARKETPLACE LETTERS REQUIRING ACTION
For those currently enrolled in a health plan through the health insurance marketplace, you will be receiving a letter from them soon. If for any reason your notification says you are at risk for losing your tax credit, it is likely the result of two things.
1. You did not file a tax return for a prior year return where you received an advanced premium tax credit.
2. A tax return was filed but it wasn’t filed correctly with a form 1095-A. This is the document that proves to the IRS that you enrolled in a Qualified Health Plan. It is also the basis for reconciling tax credits. If overpaid a tax credit, you owe the IRS money. If underpaid a tax credit, the IRS owes you money. Either case requires reconciliation.
If either of these situations apply to you, it is important to resolve them before open enrollment to continue qualifying for a tax credit.
Insurance Company Outreach Letters
Outreach will also be made by your current insurance company. Changes in your current health insurance plan, as well as premium increases will be included in your letter. These letters do not take into effect any updates that you make to income or family size during open enrollment. Thus, everyone should connect with their insurance agent or the Health Insurance Marketplace if they are not working with an agent during open enrollment to make needed updates. Failure to do so may result in paying higher than necessary insurance rates.
Need assistance during the health insurance open enrollment period?
Safe Havens Insurance is here to provide you with expert assistance throughout the open enrollment process. Our experienced agents are committed to helping Florida residents find health insurance plans that meet their specific needs. We offer personalized consultations to discuss your situation and explore the best options available. Contact us today to ensure that you maximize your health insurance benefits!
Recognized by healthcare.gov as recipients of the Elite Circle of Champions award, Safe Havens Insurance is authorized to assist Florida residents on the federally facilitated health insurance marketplace, AKA healthcare.gov. Call 813.280.9560 to speak with a licensed insurance agent about your health insurance options in Florida!
