February Insurance News
Open enrollment for individual products may have officially closed, but that doesn’t mean things are quiet or slow by any stretch of the imagination. The world of insurance is constantly changing and today is no different.
This morning, various news stations have reported that over 800,000 individuals (one-fifth of individuals who purchased health insurance via healthcare.gov) received incorrect tax forms (1095-A) related to subsidy amounts received for the 2014 plan year. If you purchased insurance through the exchange in 2014 and your form reflects incorrect subsidy information, the administration is urging you to delay filing your taxes until you received a corrected form in March.
Furthermore, this afternoon we received breaking information from the CMS alerting us to a second open enrollment window available for the uninsured. Those eligible for this special enrollment period live in states with a Federally-facilitated Marketplace (which DOES include Georgia) and:
- Currently are not enrolled in coverage through the FFM for 2015,
- Attest that when they filed their 2014 tax return they paid the fee for not having health coverage in 2014, and
- Attest that they first became aware of, or understood the implications of, the Shared Responsibility Payment after the end of open enrollment (February 15, 2015) in connection with preparing their 2014 taxes.
The special enrollment period announced today will begin on March 15, 2015 and end at 11:59 pm E.S.T. on April 30, 2015. If a consumer enrolls in coverage before the 15th of the month, coverage will be effective on the first day of the following month.
Americans who do not qualify for an exemption and went without health coverage in 2014 will have to pay a fee – $95 per adult or 1 percent of their income, whichever is greater – when they file their taxes this year. The fee increases to $325 per adult or 2% of income for 2015. Individuals taking advantage of this special enrollment period will still owe a fee for the months they were uninsured and did not receive an exemption in 2014 and 2015. This special enrollment period is designed to allow such individuals the opportunity to get covered for the remainder of the year and avoid additional fees for 2015.
Please see the links below for additional information or call us today to see if you qualify for a SEP under this new provision.
Finally, if that wasn’t enough information for one day, the administration announced late this afternoon that Open Enrollment for the 2016 plan year would be changing yet again from the original proposed dates. The new open enrollment date begins November 1st, 2015 and will run through January 31st, 2016. Be sure to mark your calendars and call us for assistance with your individual healthcare policies during this timeframe.
Thank you for choosing us as your #1 trusted advisor in the individual and group healthcare marketplace. Check back often for more breaking news.