10 Things you need to know about Open Enrollment (Obamacare)
- Open enrollment starts 11/15/2014 with earliest effective date 1/1/2015 and will end 2/15/15.
- You can use a broker at no extra cost by applying through insurance carriers or Healthcare Marketplace.
- Subsidies are available to families up to 400% of the Federal Poverty Level (family of 4 =$94,200) and reduce monthly premiums.
- You have to purchase health insurance through a Healthcare Marketplace to receive subsidies.
- HSAs plans will still be offered in the Health Insurance Exchange.
- If your health premiums exceed 8 % of your income you are exempt from any penalties.
- Indian tribe members and Christian Sharing programs are exempt from any penalties under the law
- There will be no underwriting or preX exclusions on health plans within exchanges.
- Non-group plans or “individual health plans” are now guaranteed issued.
- If you have access to a group health plan that includes “essential benefits” you will NOT be eligible for subsidies unless your employee only rate exceeds 9.5% of your household income.