Marketplace plans, or exchange plans, are available to anyone who doesn’t have access to major medical health insurance. They are guaranteed issue and can be subsidized by a tax credit. Open Enrollment is Nov. 15, 2014 – February 15, 2015.
Throughout the year there are qualifying events that would allow an individual or family to enroll in an exchange plan. Some examples of qualifying events are:
- Marriage or divorce
- Having a baby
- Moving your residence, gaining citizenship, or leaving incarceration
- Losing other health coverage–due to losing coverage through employment, end of an individual policy year, COBRA expires, aging off a parent’s plan, and other like circumstances. Keep in mind that voluntarily ending your current coverage does not necessarily qualify you for a special enrollment period.
The Affordable Care Act does allow for an Open Enrollment Period in which current plan holders can review and change their plans and new enrollments are also accepted.
- The 2015 Open Enrollment Period is November 15, 2014-February 15, 2014. You must enroll by December 15, 2014 in order to have coverage effective January 1, 2015.
- If you do not enroll during this time, typically you cannot enroll later on during the year unless you experience a qualifying event.
- If you enrolled in 2014 your benefits end in December of 2014. To continue your coverage you can re-enroll in your current plan or change plans.
- Current plan members should review their plan choices, tax credit options, and premiums amount before December 15, 2014 at which time the plans & premiums will automatically renew for 2015.
Why should I choose an Affordable Care Act Plan?
- Anyone who files a tax return is eligible for a tax credit subsidy. This means that you will be able to use some or all of your tax refund that you would receive in 2016 to help pay for your health care premium. This can substantially reduced your premium amounts.
- Plans on the marketplace are automatically guaranteed. No need for medical underwriting and physicals. All pre-existing medical conditions are covered and no waiting time limits are imposed and all plans offer free preventive services.