Enroll for health insurance now to avoid penalties

Enroll for health insurance now to avoid penalties

Help available locally to guide you through the applicaiton process

As the Federally Facilitated Marketplace opens for the third year, people without health insurance are facing stiffer penalties under the Affordable Care Act if they do not purchase coverage.

The 2016 under-65 individual open enrollment period begins Nov. 1 and runs through Jan. 31. It is the one time per year when consumers can purchase government-approved health insurance through the Marketplace and determine if they are eligible for premium subsidies without qualifying during a special enrollment period.

“I strongly advise those who currently don’t have health insurance or would like to change their current policy to educate themselves on their choices,” Missy Freund of Shankland Insurance in Charles City said. “There are many affordable options both on-Marketplace and off-Marketplace. Many (people) are ill-informed and think that obtaining health coverage is more costly than going without and suffering the consequences.”

This marks the second year that the uninsured will have to pay a tax penalty for failing to obtain coverage. The penalty has increased since last year and next year everybody will be subject to the highest penalty. Individuals without coverage will be responsible for paying either 2.5 percent of their annual household income or $695 per family member ($374.50 for each minor child under 18) up to $2,085 – whichever is higher, according to a news release from Group Benefits, Ltd., which works with Shankland Insurance.

“A lot of people eligible for premium subsidies mistakenly think it is cheaper to forego insurance entirely,” Freund said. “They don’t know they might qualify for assistance and fail to look at the out-of-pocket expenses they might accrue if a medical emergency occurs.

The best option is to speak with a local health insurance agent who can walk you through the process.”

Sign up by Dec, 15 to have coverage that starts Jan. 1. You can find help by calling 1-800-318-2596 (TTY: 1-855-889-4325) 24 hours a day, seven days a week or find free, confidential in-person assistance in your local area by visiting localhelp.healthcare.

gov.

This year, Iowans can select from three carriers for on-Marketplace coverage.

Coventry Health Care, United-Healthcare (UnitedHealthOne) and Medica are all financially sound providers with stability in the industry, the Group Benefits news release said.

Wellmark Blue Cross and Blue Shield along with these carriers will also offer off-Marketplace choices.

“With all the possibilities available, there is no reason for anyone not to have health coverage. The price in penalties and possible medical expenses, not to mention your health, is just too steep,” said Freund.

Staff Report