With so many moving wheels when a large health plan is rolled out, you probably have a few a questions. Okay, maybe more than a few questions regarding deadlines. We have come up with seven dates to know about the 2015 open enrollment period.
HMO, PPO, EPO, POS -- what do these letters mean and what do they mean for your family’s medical care? Before choosing a health insurance plan for yourself or your family, take a moment to explore the different plan types.
There are two main types of plans: HMOs and PPOs. There are also POS plans and EPO plans, options that combine some desirable aspects of HMOs and PPOs.
The Affordable Care Act (ACA or “Obamacare”) included a rule requiring states to expand Medicaid coverage to low-income adults. That meant that individuals with a gross annual income of less than about $16,000, couples with income less than about $21,000, and families of four with an income less than about $32,000 would be covered for free under their state Medicaid program.
Some states embraced this expansion of Medicaid, while others protested it. After the law passed some states challenged the requirement to expand Medicaid in court and in 2012 the United States Supreme Court ruled that it was not permissible for the federal government to “force” states to expand their Medicaid programs.
One of the major changes under the Affordable Care Act (“Obamacare”) is the introduction of open enrollment. Open Enrollment is a special period during the year when you can buy health insurance or change your health insurance plan. The 2014 open enrollment period ran from October 1, 2013 to March 30, 2014. The 2015 open enrollment opens on November 15, 2014 and runs through February 15, 2015. To buy insurance outside open enrollment, you'll need to have a qualifying life event which triggers a special enrollment period. To learn more about qualifying life events and special enrollment periods, read this post.
So why does open enrollment exist?
Before the Affordable Care Act (ACA or "Obamacare"), insurance companies would often cut costs by only covering certain treatments. This was often confusing and expensive for the consumer, as you couldn't be sure that the treatment they needed would be covered by their insurance policy.
Under the new rules set out by the ACA all new major medical health insurance policies must provide ten essential health benefits ("EHBs"). These are minimum coverage requirements that all insurance plans must meet. The ten EHBs that all plans must cover are:
We are proud to announce the fastest, easiest way to sign up for health insurance from the health exchange. Our process is engineered from the ground up for simplicity and ease of use, and takes minutes, rather than hours.
Check the video below to see how it works. In the time it takes you to create an account on Healthcare.gov, you'll be finished on HealthSherpa.
33-yr old Jeff* from West Virginia called in to HealthSherpa.com last week. Jeff lives with his fiancée, his 4-yr old from a previous relationship, his fiancée’s child, and the 1-yr old they have together. Jeff works the 4am to 1pm shift at J-Mart*, and his fiancée stays home to take care of the three children.
Two years ago Jeff hurt his back off the job (herniated disc) and has needed surgery and been in pretty much constant pain. He’s been making do with painkillers and taking lots of sick days, but his illness has clearly affected his work and his boss is running out of patience.
One of the major benefits offered by the Affordable Care Act
is the tax credit (also called “the government subsidy”). If you qualify for
the tax credit, the government makes payments directly to your insurance
company every month to cover part or all of your monthly premium.
Eligibility for the tax credit is based on the annual household adjusted gross income you expect for the current year. So this year, your subsidy eligibility is based on how much you plan to make through the end of 2014. For people with steady jobs, that’s a fairly straightforward calculation, but what if you are self-employed, or unemployed and looking for a job?
How Effective Dates for Health Insurance Policies Work
The effective date of your health insurance policy is the first date on which you are covered. In general, if you enroll before the 15th of the month your policy will cover you beginning on the 1st of the next month. If, however, you enroll after the 15th of the month, your insurance won't cover you until the first day of the following month.
Here's an example: If you enroll on June 7th, your insurance policy will start covering you on July 1st, whereas if you wait 10 days until June 17th, you won’t be covered until August 1st.This can result in a gap in coverage - a period during which you don't have insurance.