The deadline for open enrollment for individual health care coverage is quickly approaching. If you and your family are not enrolled in an insurance program for 2015, it’s time to sign up to prevent tax penalties as mandated by ObamaCare.
We take our job to protect families serious and making sure you’re covered is important to us. MamaBear has selected ACA Insurance Services to help our MamaBear families through the process.
What Happens If You Miss Open Enrollment?
Open enrollment is a period of time when individuals and families can select affordable health care. If you miss the deadline, you could face tax penalties as explained by these Obama Care facts.
When the open enrollment period ends on February 15 — it will be challenging to sign up for a health insurance plan for the rest of 2015.
It’s important to get minimum coverage now and plan to obtain coverage for the rest of the year. Based on some family situations, you can apply for an exemption or subsidy. If you are unsure of your eligibility, you can call one of our preferred agents, 844-411-8565, or request a call from an agent.
After the open enrollment deadline, only qualified individuals will be able to enroll — only for those who have had a major life change (such as change of job or marriage status or loss of health insurance). Also, programs such as Medicaid and the Children’s Health Insurance Program offer enrollment all year.
Obtaining coverage during open enrollment is your best opportunity for receiving affordable, complete coverage for you and your family. Don’t wait, and get started now.
What Type of Health Care Coverage Do You Need?
A general health insurance plan does not cover all of your health care needs. There are certain health categories that require their own type of insurance. Keep this in mind as you shop for a plan and consider if you or your family need additional add-on coverage.
- Medical Insurance — This is MUST HAVE coverage that assists with costs related to general health care expenses.
- Dental Insurance — This is OPTIONAL, add-on coverage that assists with costs related to oral care, teeth cleanings, extractions, fillings, etc. (This does not usually cover orthodontics.)
- Vision Insurance — This is OPTIONAL, add-on coverage that assists with costs related to eye exams, eye health, frames and contact lens, etc.
Don’t let a medical expense cause your family financial stress. Enroll in a financially responsible medical insurance plan that will cover your family in the event that one of your family members sustains an injury or illness.
Related: Flu Season Is Here. Are You Prepared?
Terms to Know While Shopping for Health Insurance
Shopping for health insurance can be complicated, so go into the process with an understanding of the financial terminology.
- Out-of-Pocket Costs — the amount of money you pay that is not reimbursed by the insurance company
- Deductible — the amount of money you pay out-of-pocket for medical expenses before the insurance company begins to pay
- Co-Pay — the dollar amount you pay out-of-pocket when a service (doctor’s appointment, surgery, etc.) is performed
- Co-Insurance — the percentage of costs you pay out-of-pocket when a service is performed
If you don’t fully understand these terms and how they will relate to your expenses in the event of a health care expense, discuss it with a licensed health insurance representative.
What to Expect for a Monthly Premium
It helps to go into your search with an idea about how much an insurance plan will cost. Below is an estimated cost for a bronze plan for the following family types.
Family of Four
- Premium: $643 – $650/month
- Deductible: $5,000 – $6,300/year
- Highest Possible Out-of-Pocket: $6,300 – $6,450/year
Single Dad with Two Children
- Premium: $435-$440/month
- Deductible: $5,000 – $6,300/year
- Highest Possible Out-of-Pocket: $6,300 – $6,450/year
Single Mom with One Child
- Premium: $325-$330/month
- Deductible: $5,000 – $6,300/year
- Highest Possible Out-of-Pocket: $6,300 – $6,450/year
A bronze plan is a coverage category with the lowest monthly premium. You may find lower deductibles and out-of-pocket costs by choosing a silver or gold plan, but you will incur a higher monthly premium.
Obama Care Alternatives
In order to get private healthcare coverage, you do not need to use Healthcare.gov. It is not the only marketplace where you can shop for private medical insurance.
You can browse and shop other exchanges to find a program that best meets your budget and needs.
MamaBear recommends ACA Insurance Services, representing A Rated carriers and a team of licensed representatives that will help match you with the best plan possible.
Time is ticking, and your opportunity to protect your family and your finances is winding down. Don’t miss the open enrollment deadline — February 15 — and sign up for affordable healthcare today.