The Healthcare Marketplace, sometimes known as the “health insurance marketplace” or even obama care has some very important things you should know about coming into 2014 and open enrollment coming this year for 2015 As everyone knows Marketplace Open Enrollment ended March 31st. But You can still buy a healthcare Marketplace plan if you qualify for a special enrollment period. Here is a partial list of the special enrollments or qualifying events that you may qualify for under the health care marketplace.
Examples of qualifying life events under “health insurance marketplace”
- Having a baby
- Adopting a child or placing a child up for adoption or foster care
- Moving outside your insurer’s coverage area A great example would be moving from California to Utah, or Texas to Florida.
- Losing other health coverage (including; due to losing job-based coverage, divorce, the end of an individual policy plan year in 2014, COBRA expiration, aging off a parent’s plan, losing eligibility for Medicaid or CHIP, and similar circumstances. Important: Voluntarily ending coverage doesn’t qualify you for a special enrollment period. Losing coverage that doesn’t qualify as minimum essential coverage doesn’t qualify either.)
- Gaining citizenship
- Leaving incarceration
You can also apply for Medicaid and CHIP any time. Learn about special enrollment periods and other coverage options after Open Enrollment you will want to check with you local state or medicaid office.
Open Enrollment for 2015 coverage starts November 15, 2014. The “Health Insurance Marketplace” helps uninsured people find health coverage. The first thing you will want to do is get help and find an agent in your local area that can help you sort through the vast amounts of health insurance plans. Call-801-900-5636
Virtually all of the new Plans cover essential health benefits, pre-existing conditions, and preventive care. In most states you will get Lower costs based on your household size and income. Though not all states have passed medicaid so check your local state for updates on income requirements.
You can preview plans available in your area right now if wish. Most people who apply will qualify for lower costs but if you do not qualify and make to much money for 2014 or 2015 you can buy a private health insurance plan off the exchange.
Medicaid and the Children’s Health Insurance Program (CHIP). These programs cover millions of families with limited income. If it looks like you qualify, we’ll share information with your state agency and they’ll contact you. But just to recap not all states are expanding Medicaid in 2014 to cover more people. Find out what Medicaid expansion means for you with your local medicaid office.
Many people are eligible to use the Marketplace and in most cases you will be able to tell if you qualify for any of the programs very quickly. It should not take you more than a few hours to get through the application. Most people must have health coverage in 2014 or pay a penalty. If you don’t have coverage, you’ll pay a fee of either 1% of your income, or $95 per adult or aprox ($47.50 per child), whichever is higher. You’ll pay this fee on your 2015 income taxes. Some people may qualify for an exemption to the fee or a hardship exemption based on income or other factors. Another item to remember If you buy outside the health care Marketplace, you will not be eligible for the premium tax credits or lower out-of-pocket costs based on your income.