Smart Benefits: Affordable Care Act Open Enrollment - What You Need to Know
Monday, November 06, 2017
Affordable Care Act open enrollment started November 1. For those interested in marketplace health insurance, here are five things to remember:
- Deadlines: While open enrollment for exchanges that use the federal platform runs through December 15, 2017, Rhode Island has extended its period to select the same plan or pick a new plan through December 23 for uninterrupted coverage. December 31, 2017 is the very last day to purchase health insurance coverage for 2018. Plan coverage starts January 1, 2018.
- Special Enrollment Period: If you don’t enroll in or change plans during open enrollment, you can only do so later if you qualify for a special enrollment period due to circumstances such as loss of a job, marriage or divorce, or your employer changes the coverage available to you.
- Fees for lack of coverage: Those who can afford health insurance but don’t purchase it may be responsible for an individual shared responsibility payment for every month without qualifying coverage. For 2017, the fee is $695 per person and $347.50 per child or 2.5 percent of your household income, whichever is greater. The fees for 2018 haven’t been announced yet.
- Financial Help: The majority of individuals qualify for subsidies to pay their health insurance premiums. For plans sold now for 2018, an individual with a gross income below $48,240 and a family or four with income less than $98,400 could get a subsidy.
- Auto-Renew: Remember that if you don’t elect to choose a new plan by the open enrollment deadline, you’ll be automatically reenrolled in your current or an equivalent plan. If you want to look for savings or different benefits, be sure to shop around early.
Rob Calise is the Managing Director, Employee Benefits of The Hilb Group of New England, where he helps clients control the costs of employee benefits by focusing on consumer driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance. GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
Related Slideshow: The Power List - Health and Education, 2016
Related Articles
- Smart Benefits: OSHA Steps Towards Workplace Safety
- Smart Benefits: More Competition = More Benefits According to SHRM Study
- Smart Benefits: HSA Benefits Could Grow with Trumpcare
- Smart Benefits: Pounds Up Means Upping Wellness
- Smart Benefits: Optimize Your COBRA Coverage
- Smart Benefits: Reminder to Self-Insured Plans - PCORI Fee Due July 31
- Smart Benefits: Individual Market Premiums Double in 4 Years
- Smart Benefits: The I-9 & Seasonal Employees
- Smart Benefits: Small Businesses May Hold the Key to Employee Happiness
- Smart Benefits: OSHA Delays July 1 Electronic Reporting Requirement
- Smart Benefits: RI Large Group Rates for 2018 Proposed
- Smart Benefits: Expanding Leave is … Expanding
- Smart Benefits: Small Businesses Beware of Proper Worker Classification
- Smart Benefits: Family Health Premiums Up 3% from Last Year, Survey Shows
- Smart Benefits: IRS Allowing 401(k) Loans for Hurricane Victims & Families
- Smart Benefits: Brand Ambassadors Can Yield Big Results
- Smart Benefits: Imputed Income for Group Term Life Insurance
- Smart Benefits: ACA Numbers to Know for 2018
- Smart Benefits: Will Student Loan Repayment be the Next Big Benefit?
- Smart Benefits: Prepare for an I-9 Audit
- Smart Benefits: Boost Employee Engagement with 5 Questions
- Smart Benefits: New EEO-1 Report Now Due March 31, 2018
- Smart Benefits: Ready for Open Enrollment?
- Smart Benefits: Keep Workers Safe in Weather Emergencies
- Smart Benefits: New Benefits & Retirement Plan Limits Set for 2018