gmhTODAY 07 gmhToday Mar Apr 2016 - Page 44

INDIVIDUAL HEALTH INSURANCE Open enrollment for individual and family plans [Obamacare] is over and now we move into special enrollment periods. This is for people that have special reasons to either switch plans or start a new plan. Everyone has a 60-day window to make these changes so don’t delay. Some reasons for the Special Enrollment Period are as follows: • If you moved out of the area and your plan is not available in your new area. • If you lost group coverage from an employer (left job, changed jobs, divorce). • If you lost creditable coverage involuntarily (divorce, turning 26 years old, etc.). • If your income changed and went below the Medi-Cal threshold. • If you lost Medi-Cal status. • If your Cobra coverage ends. By Michele Campbell, Independent Agent Michele has been in the insurance business for over 25 years and special- izes in Medicare, individual health and life insurance. She is passionate about helping her clients to find the right plan to fit their needs. She is an active member of the Gilroy Chamber of Commerce, Gilroy Rotary and Gilroy Leadership Class of 2015. Visit mcinsuranceservices.com or call 408.848.2271. And many other reasons…be sure to check with a professional who knows if you qualify to change or add coverage. Don’t be left without coverage or you could get a tax penalty. Here are some shocking statistics about uninsured Americans and the new healthcare laws: • Only 15% of the uninsured understand the deadline. • More than 7 out of 10 say they have not tried to figure out if they qualify for help. • Only 1 in 100 know the minimum penalty for being uninsured is going up to $695 in 2016. MEDICARE INSURANCE With an average of 10,000 Americans turning 65 every day of every year until 2029, there’s a stream of folks just like you now learning about Medicare health insurance. Here are some basic rules about Medicare to get you started: New to Medicare? Are you just turning 65 or just now retiring? You might be feeling a little overwhelmed if this is your fi rst time looking at Medicare and how it works. While there is a ton of information out there, it is still very confusing when you you may get help to pay for you’re fi rst learning about it. First, you need to enroll in Medicare, a few months prior to turning 44 GILROY • MORGAN HILL • SAN MARTIN MARCH/APRIL 2016 65, or if you’re collecting Social Security, you will be automatically enrolled and your card will be sent to you. Once you get enrolled in the Medicare system, then you can purchase either a Medicare Advantage plan or a Medicare Supplement and a Part D prescription drug plan. If you’re not sure which way to get coverage, you can ask a professional (Insurance Agent) for help. Are you Turning 65 but Not Retiring? Many people are still working beyond the age of 65 and still have their group health insurance. You can keep your group health insurance in place and wave Medicare’s Part B Medical insurance if you so choose. Medicare Part A (Hospital) is free if you worked at least 40 quarters (or 10 years) in the US and paid into Medicare. Sometimes your group health insurance requires you to take out Medicare Part B, but not always. If you elect to stay on your group health plan, this is considered creditable coverage. Part B Penalty: If you don›t have creditable coverage and if you don’t sign up for Part B when you’re fi rst eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it. Also, you may have to wait until the G VW&V&VBW&Bg&V'F&63FV&'B"@6fW&vRv7F'BVǒbFBV"'BB&W67&FG'VrⓠVF6&R&WV&W2RFfR&W67&FG'Vr6fW&vRVFW"'W&66r7FBЦR'BB"VF6&RGfFvPbRF( BW&66RG'Vr GfFvRvFW"F6fW&vPVV7FW&BrFvFrP6VB&R7V&V7BF'BBVG2vVखbRFw&W6fW&vRFVPfR7&VFF&R6fW&vRBRv( B&PVƗVBFRVƖgf"r6P7V'6Gĕ2"'BBWG&VbRfRƖ֗FVB6RB&W6W&6W2RvWBVFf"'BB"'B"R6VƖgf"WG&VFf"W"VF6&R&W67&FG'Vr6fW&vR6V6vF6vVBF6VRbRVƖgbRFRvfPV"&VBVV&VBFV&7BBvW&VB&W67&FG'Vr67G2vևFF6