Is it possible that the Cadillac Tax will be a major health spending cost ‘deflator’?
Although being declined for individual medical insurance due to a pre-existing condition is no longer an issue, individuals and families have one period of time during the year to enroll. This is to reduce the likelihood that individuals will enroll only in response to major health events. The individual medical insurance Open Enrollment period is November 15, 2014 – February 15, 2015, to purchase direct from individual medical insurance carriers and Covered California.
If you don’t currently have medical insurance, contact us soon to make an appointment to discuss your options and enroll in coverage before the enrollment window ends. We will help you compare many insurance carrier options and rates as well as whether you will receive significant financial assistance through Covered California, so you can feel confident you are making the choice that is the best fit for your specific needs. If you do not enroll during the Open Enrollment period, you will not be able to enroll mid-year unless you have a Qualifying Event such as marriage, divorce, birth of a child or loss of employer-sponsored group coverage. In addition, individuals who don’t purchase medical insurance in 2015 will receive a tax penalty in the amount of 2% of income or $325/person, whichever is greater, and will increase in future years.
If you currently have individual/family medical insurance, you will receive renewal information from your insurance carrier explaining your options and time frame for making plan changes. Most carriers will be allowing ‘passive enrollment’. This means, if you are happy with the plan you have, just keep paying your premiums and you don’t need to do anything else. If you are not happy with your plan and wish to consider alternatives, call us to schedule an appointment to review your options before the Open Enrollment window ends.
Bestefits helps you to look at many different medical insurance carriers, plan options, premiums and helps you to make the best decision based on your health, financial and medical provider network needs.
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