Preparing for Health Insurance Open Enrollment

The timeline for enrolling for health insurance in the open enrollment for different insurance types like ObamaCare, Medicaid, Medicare and others, is between November 15th November 2014 to 15thFebruary 2015. Not enrolling yourself by 15th February; would mean you‘re ineligible to sign up for health care for the following year barring a special enrollment period.

Special enrollment period for 2014

In order to qualify for a special enrollment period for health insurance types like ObamaCare, Medicare etc.; there must be certain life events that involve a change in family status (for example, marriage or birth of a child or loss of other health coverage).

Special enrollment period is a time outside of the open enrollment period. Eligibility into it means having a special enrollment period of 60 days. Basically you get a special enrollment period under the following circumstances:

  • Having a baby, adopting a child, or placing a child in foster care
  • Marriage
  • Losing other health coverage
  • Your 2014 plan ends on 31st December regardless of when it began
  • You can choose between renewing your current plan or getting a new one before deadline day
  • If you renew your plan by 15th December, you can start your new plan as early as January 1st

Dates to remember if you have an existing plan

Coverage starting dates

Depending on the dates in which you enroll into new plans or change your current plan, the starting dates of your coverage may vary:

  • If you enroll anytime between 1st and 15th December, your plan starts on 1st January
  • If you enroll anytime between 16th December and 15th January, your plan starts on 1st February
  • If you enroll anytime from 16th January to 15th February, you plan would start on 1st March

Penalty for not enrolling

A penalty may have to be paid for non enrollment in 2015 health coverage. The penalty fee would be higher than it was in the previous year, about 2 % of your income, or $325 for an adult and $162.5 for a child.

Importance of enrolling and choosing the right plan

Once you select an option, you are stuck with that option for an entire year unless you meet a few exceptions. You’re going to be stuck with that plan until your next open enrollment period. you can’t make changes to your current coverage options until the next open enrollment period.

First and foremost, whether you choose ObamaCare, Medicare or any other insurance type, it is important to choose the right plan for yourself. Obviously, choosing the wrong plan will be costly as you will be stuck with your decision for an entire year.

Tips regarding open enrollment

For most people, the important thing about their benefit package is health insurance; but it is important for them to do the following:

  • Examine their health insurance options and costs
  • Look at what their spouse’s insurance provides
  • Take in all the aspects of a coverage plan and not just its cost
  • Choose wisely

Whether you decide on ObamaCare, Medicare or any other insurance; enroll timely and wisely. Choosing wisely will save you from any mental or financial torture in regards to your health coverage that you may have to suffer in case of non enrollment or by selecting a wrong option.

The Jordan Insurance Agency is the brainchild of Billy Jordan, who went through a great deal of frustrations when his mother was suffering from Stage 4 cancer. This Agency gradually grew with the passion of giving people access to the best possible health insurance coverage according to the budget. Blue Cross Blue Shield of North Carolina, Assurant Health, United Health One, and Coventry One are a few of the companies TJIA deals their contracts with. Feel free to call us today (704) 926-7565 or (800) 648-3870 and get your free quote from here!

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The Jordan Insurance Agency is a local & independent, multiple-line insurance agent in Charlotte that is focused on providing the best value for our client’s insurance needs. As expert insurance advisors, we are dedicated to thoroughly evaluating your risks and insurance needs, providing the best coverage plans that help protect your financial future.
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