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MYTH BUSTERS: OPEN ENROLLMENT EDITIONWHA T Y OU N E ED T O KNOW A BOU T OP EN E N RO L LM EN T
MYTH: SUBSIDIES ARE NO
LONGER AVAILABLE TO HELP
INDIVIDUALS PAY FOR
PREMIUMS.
The government still providesAdvanced Premium Tax Credits tothose individuals with incomesbetween 100% and 400% of theFederal Poverty Level (FPL)($12,060-$48,240). The tax creditsare used to reduce the cost ofpremiums for those individuals. Inaddition, people with incomesbetween 100% and 250% FPL areeligible to receive Cost SharingReduction (CSR) funds. These aresubsidies designed to reduce the outof pocket expenses ofindividuals who qualify. To beeligible for CSR payments,individuals must sign up for theirinsurance through the federallyfacilitated exchange athealthcare.gov.
MYTH: THE INSURANCE
MANDATE IS NO LONGER IN
PLACE, SO I DO NOT NEED TO
SIGN UP FOR HEALTH
INSURANCE.
The individual mandate is in place. Individuals are required to showevidence of coverage on their taxreturns or face a tax penalty. Moreover, as stated above, financialassistance is still available forindividuals who qualify. Thesepremium subsidies can help shieldindividuals from premium increasesapproved on this year’s exchangeproducts.
MYTH: THE AFFORDABLE CARE
ACT HAS BEEN REPEALED.
The Affordable Care Act is still thelaw of the land. Health plans forindividuals who need them arebeing offered throughhealthcare.gov. Financial assistanceis also still available for those whoqualify. Insurers cannot denycoverage based on pre-existingconditions.
Open enrollment runs fromNovember 1 to December 15, 2017.
MYTH: I ALREADY HAVE
INSURANCE AND IT WILL
AUTOMATICALLY BE
RENEWED NEXT YEAR SO I
DON'T HAVE TO WORRY
ABOUT OPEN ENROLLMENT.
There have been significant changesto the health insurance marketplacethis year and some plans are nolonger being offered in certainareas. Auto-enrollment is stillavailable, but if your plan is nolonger being offered, you shouldhave received a letter from yourcurrent insurer telling you theyhave left the market. If that is thecase, you will need to sign up for anew plan. Premiums for plans haveincreased, so it may be advisable tocheck with an open enrollmentnavigator (enrollva.org) or aninsurance agent during the openenrollment period to review youroptions.