Tis’ the Season to Know Your Open Enrollment Options!

by admin Nov 27, 2018

It’s that time of year! ACA’s Annual Open Enrollment (November 1, 2018 to December 15, 2018 in most states) the time of year everyone who does not have employer sponsored group health coverage  is encouraged by the federal government to go to the online ACA marketplace in the state of their residence to shop for new ACA coverage under one of the “metal” plans in their state.

Federal premium assistance is available through the ACA marketplace for individuals with household income below 400% of the federal poverty level.[1]

But wait – what if you aren’t able to get a subsidy through the marketplace because your income is too high?  If you fall into that category, you are solely responsible for paying 100% of the cost of your ACA “metal” plan purchased on or off the ACA exchange in your state.

What if you only have a temporary or limited duration need for health insurance coverage?

Recent changes to the federal regulations governing short-term medical plans may create an opportunity for you in your state.  These limited duration medical plans are not ACA “metal” plans and can be purchased both during and outside of ACA Open Enrollment.

What if you are reasonably healthy and would like to purchase coverage without an ACA “metal” plan calendar year deductible?

There are a variety of “first dollar” coverage, limited benefit plans that will reimburse you for covered healthcare expenditures that many Americans will incur during an average year…without having to first satisfy a calendar year deductible.  These plans are not ACA “metal” plans and pay benefits in addition to any other health insurance coverage you might have in-force and can also be purchased both during and outside of ACA Open Enrollment.

Bottom line, there are a host of coverage options during the ACA Annual Open Enrollment available to the self-employed, small business owner, their employees and families.  If you are interested to see if see if you can save some money this year by getting a more affordable health coverage option – contact Josh Naumu at 801.690.5386 or josh.naumu@ushadvisors.com

[1] See the federal government’s website for more information www.healthcare.gov

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