HEALTH INSURANCE MARKETPLACE
Health Insurance MarketplaceIt ’ s The “ The Exchange ”
As we are all aware and eagerly anticipating , not only are the holidays right around the corner , but so is the Health Insurance Marketplace ’ s annual open enrollment . The Health Insurance Marketplace , also known as the Exchange , offers its open-enrollment period starting on November 1 , 2016 and ending on January 31 , 2017 . This is the busiest time of the year for most people , and important deadlines can get easily missed in the hustle and bustle . Branch Benefits Consultants is here to provide friendly , knowledgeable guidance for both individuals and businesses throughout the Las Vegas Valley during this hectic time .
“ As the Health Insurance Marketplace continues to mature , we are able to focus on strategies that help it work even better for consumers and insurers ,” said Kevin Counihan , CEO of the Health Insurance Marketplace . “ That means making targeted improvements that keep the Marketplace working smoothly for consumers and keeps the Marketplace an attractive place to do business .”
What do individuals need to know and what action needs to be taken now and in the upcoming months ? Open enrollment commences November 1 , 2016 , for individuals and families . Open enrollment continues through January 31 , 2017 . But your coverage doesn ’ t start immediately :
• If you sign up between November 1 , 2016 , and December 15 , 2016 , your coverage will start January 1 , 2017 .
• If you sign up between December 16 , 2016 , and January 15 , 2017 , your coverage will start February 1 , 2017 .
• If you sign up between January 16 , 2017 and January 31 , 2017 , your coverage will start March 1 , 2017 .
People who qualify for Medicaid or the Children ’ s Health Insurance Program ( CHIP ) can enroll at any time of the year . These are state-federal programs for people with disabilities or limited incomes .
If you qualify for employer-sponsored health insurance , you will likely want to buy health insurance through your employer and will not be affected by the fall openenrollment period for the government-run marketplaces . Ask your employer when it ’ s holding its open-enrollment period .
Open enrollment does not involve life insurance or long-term care insurance . Those are completely separate products that you can buy on your own at any time of year . It also does not involve Medicare . The fall open-enrollment period for Medicare is October 15 , 2016 to December 7 , 2016 .
Action must be taken during open enrollment . If not , individuals and families will be subject to the consequences of nonaction , such as penalties and waiting periods for coverage .
Recently , employer groups complied with filing information returns in 2016 for the 2015 year . The same will hold true in 2017 for the 2016 year . Employer groups , regardless of size , that provide self-insured health coverage must file information returns with the IRS about individuals they cover and provide a statement to employees about the coverage provided . If health coverage is provided through an insurance policy , the issuer files the return and provides the statement .
What do small businesses need to know and what action needs to be taken now and in the upcoming months ? Small businesses are defined as employers with fewer than fifty full-time employees , including full-time equivalent ( FTE ) employees . Employer groups looking for coverage must first define the number of employees they are looking to insure . After gathering that number , they may move forward in applying for coverage . Employers that fall under the fifty-employee count may be eligible to purchase insurance through SHOP ( Small Business Health Options Program Marketplace ) and may be eligible for the small business health care tax credit .
What do large businesses need to know and what action needs to be taken now and in the upcoming months ? Large businesses are generally defined as employers with fifty or more full-time employees , including FTE employees . SHOP-eligibility may be an option for some large employer groups with one hundred or fewer employees .
In closing , healthcare . gov and cms . gov are great resources that are available to keep anxiety down and knowledge abundant . This article has been brought to you by Branch Benefits Consultants : “ As your trusted advisor , we offer creative solutions to all of your complicated insurance needs .” +
BY : TARA JACQUET , BRANCH BENEFITS CONSULTANTS
30 | FALL 2016