- Posted by Canopy KC
- On October 31, 2016
- 0 Comments
- ACA Special enrollment period, avoid costly health insurance, buy a health insurance plan, canopy, choose the right plan, healthcare.gov, kansas city, obamacare, shopping for healthcare.gov plans
Health insurance open enrollment for the 2017 calendar year is just around the corner and needs to be a priority on your to do list before it’s too late. Knowledge is power when it comes to understanding your health insurance choices, type of coverage and start dates. Don’t be left without health insurance coverage in 2017, follow this quick and simple guide to open enrollment 2017, 5 facts you need to know.
- What is open enrollment? Open enrollment is the time period that you are allowed to change or renew health insurance benefits through your employer, private insurance company or the Marketplace. Beginning in 2014, all private insurance providers have assumed the federally mandated open enrollment period.
- When is open enrollment? The open enrollment period for 2017 begins November 1, 2016, and ends January 31, 2017, and when you enroll or change your plan in the month will affect your coverage start date. See below.
|Enrollment Date||Coverage Start Date|
|Nov 1, 2016 – Dec 15, 2016||January 1, 2017|
|Dec 16, 2016 – Jan 15, 2017||February 1, 2107|
|Jan 16, 2017 – Jan 31, 2107||March 1, 2107|
- Other: *These topics will not be further discussed in this blog*
- Medicare’s Open Enrollment period for 2017 begins October 15, 2016, and ends December 7, 2016.
- Medicaid or other federally funded state insurance programs do not apply and have a specific open enrollment period unique to those programs.
- Special Open Enrollment Period: The exception to the open enrollment period rule is if you experience a life changing qualifying event. Some examples include a change in marital status including marriage or divorce, a change in dependents including birth, death or adoption, a change in employment, or a move to another state. Qualifying events open a special enrollment period where you can purchase a new health insurance plan or make changes to an existing plan.
- Did You Know?
- Every person is required to have health insurance coverage as of 2014. The deadline to enroll for individual health insurance for 2017 is January 31, 2017, regardless of the provider or carrier.
- You will face a standardized tax penalty of 2.5% of your annual income per adult or $695 and $347.50 per child without coverage (gov) if you elect not to enroll in health insurance.
- If you are over the age of 26, you can no longer be on your parent’s health insurance plan.
- You may qualify for tax credits or financial assistance to help you pay for health insurance through the Marketplace.
- If you miss the open enrollment deadline you can still obtain a limited benefits short term insurance plan. Short term plans have modified benefits including prescription coverage, hospital stays, providers that are covered, and you will still be responsible to pay the federally mandated tax penalty.
At Canopy, we understand that open enrollment 2017 and these 5 facts can still be confusing. We are here to help you make informed decisions about your health insurance coverage, stay on top of deadlines, and even navigate healthcare.gov if that’s what you need. We mean it when we say that at Canopy, “you’re covered.”