Open Enrollment tips and insight
Open enrollment for the health insurance marketplace is now open (In Colorado: Nov 1, 2018 - Jan 15, 2019; In Wyoming Nov 1, 2018 - Dec 15, 2018). People can explore, select, and enroll in a new 2019 health insurance plan. Before you begin, here are some things to be sure you know as you move forward:
Plans start on January 1, 2019
Here in Colorado, if you make your decision soon, you can have your plan start on January 1, 2019. Colorado allows you to make your decision all the way up to January 15, 2019, but if you make your decision between December 15, 2018 and January 15, 2019, your plan won't start until February 2019.
If you choose a private insurance option, you can have it start at any time.
You may qualify for a tax credit
Based on your projected income for 2019, you may qualify for a tax credit which can help cover the cost of your monthly premium. If you have a fluctuating income, or are unsure of what your income may be for 2019, the tax credit has the potential to backfire on you. How? If you end up making more than what you had projected, you will be required to pay back some or ALL of the tax credit you originally received.
For people who do not qualify for a tax credit, you will be subject to the full cost of the premiums. In these situations, it may be best to explore private health insurance options which tend to have lower premiums and lower deductibles for those who qualify.
The Individual Mandate is NOT a factor for 2019
The recent tax reform passed by the federal government changed the percentage of the tax penalty down to 0%. While there is still "technically" a penalty in place, the penalty is 0% for 2019 which means it is effectively non-existent. However, they can easily change this number in the future if they choose to do so.
The new 0% penalty may have just created a POSITIVE opportunity for you. If you previously did not explore a private insurance option, due to the impact of this penalty, you may now freely explore your options without fear of this penalty impacting you.
Explore your options OUTSIDE the healthcare marketplace
Many advertisements and news outlets are trying to make people think that the ONLY place to get health insurance is on the marketplace. THIS IS NOT TRUE. There are other options to consider outside the healthcare marketplace that can save you money AND provide better coverage in many situations. You deserve the best plan available to you, so don't sell yourself short. The best way to explore these options is to speak with a professional who specializes in options outside the healthcare marketplace. Our health insurance professionals are qualified to help you with all your options. Give us a call to schedule your free consultation.
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