The new health insurance exchanges, some run by the individual states and some by the federal government, will begin open enrollment starting Oct 1st, 2013. This initial first year enrollment period will run from October 1st, 2013 until March 31st, 2014. Subsequent years will have a similar annual enrollment to Medicare (Oct 15th to Dec 7th). Everyone will be eligible to evaluate their options through the exchange when this initial enrollment starts. As your broker, we will want to evaluate the following:
- Is your current plan more cost effective than the exchange plan? If not we should look at making a new election.
- Will your family be eligible for a cost subsidy? Anyone with an annual income of less than 400% of the Federal Poverty Level will be eligible for a subsidy. As an example, a family of four making up to $92,000 will be eligible for this subsidy.
- The current draft application for enrollment through the exchange (individual/family) with a subsidy is 21 pages and asks mainly for financial information such as your job status, previous tax returns, and current income. Will you be willing to do this?
- Will the new plans be a plan option you like? Some insurance carriers are moving the options to HMO style plans, will you be willing to look at these?
No matter what you would like to do, we will be willing to walk through the process with you. It is our goal to help educate you through the process in order for you to make the best decision for you and your family moving forward.