Last Updated on November 15, 2024
November 1st, 2016 marked the start of open enrollment for health insurance sold through the Affordable Care Act’s marketplaces. You need to enroll in a healthcare plan by January 31, 2017. However, for coverage starting January 1st, 2017, enrollment will need to be completed by December 15th, 2016. After January 31, 2017, you can enroll in 2017 health insurance only if you qualify for a Special Enrollment Period. To see if you qualify for the Special Enrollment Period, visit https://www.healthcare.gov/glossary/special-enrollment-period. Here are five tips for consumers shopping in the MarketPlace to keep in mind.
The amount you pay for insurance depends on how much your income is — and chances are you’ll probably save some money.
Your amount of savings depends on your expected household income for the next 12 months. Over 8 in 10 people who apply are eligible to save on their plan. After accounting for their premium tax credit, most people can find plans for between $50 and $100 per month. Healthcare.gov has a tool on their website (https://www.healthcare.gov/lower-costs/) that can easily tell you if you will save money by answering your household size and state of residence.
If you don’t have any health insurance, you will be responsible to pay a penalty.
The rule of thumb is that you either have qualifying health insurance or you will pay a penalty fine. The penalty for 2017 is either: 2.5% of your household income or $695 per adult ($347.50 per child), whichever is higher. The maximum penalty is $2085. The fee is due for any month you, your spouse, or your tax dependents don’t have qualifying health coverage (also called “minimum essential coverage”). You also pay the fee when you file your federal tax return for the year you don’t have coverage. Some people qualify for an exemption from the health insurance requirement.
The MarketPlace is only intended for people without health insurance coverage.
The Marketplace is mainly for people who don’t have health insurance coverage through their job, Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or some other source of qualifying coverage. If you have insurance through your job, you can still buy a Marketplace plan, but you’ll have to pay full price unless your job-based insurance doesn’t meet certain standards. However, most job-based plans meet the standards. If your dependents aren’t offered coverage under your plan, then they may qualify for savings. If they are offered coverage under your job-based plan but aren’t enrolled in it, if you don’t enroll in it, they won’t qualify for savings. If you have Medicare, you are unable to switch to Marketplace insurance, use a Marketplace plan as a supplement, or buy a Marketplace dental plan.
There are 4 ways to apply for coverage
To apply for a 2017 Marketplace health insurance plan, you can do any of the following.
- Apply online
- How: How you’ll apply online depends on whether you’re new to the Marketplace
- Never used HealthCare.gov? You will need to create an account on their website.
- Used HealthCare.gov for your 2016 plan? Log in to Healthcare.gov to update your application, compare plans, and renew or change for 2017.
- By phone
- A customer service representative helps you fill out an application, go over your choices, and enroll in coverage.
- How: Contact the Marketplace Call Center (1-800-318-2596) 24 hours a day, 7 days a week. (They are closed on major holidays)
- In-person help
- Trained people in your community — such as navigators, assisters, agents, and brokers — help you fill out an application and enroll in coverage.
- How: Enter your ZIP code on this website (https://localhelp.healthcare.gov/#intro) to see a list of groups and people near you.
- By mail
- Fill out and mail in a paper application. You can download the application here (https://marketplace.cms.gov/applications-and-forms/marketplace-application-for-family.pdf) Within 2 weeks, you’ll receive eligibility results in the mail. Create an online account or use the Marketplace Call Center to enroll.
Shop around for the best possible deal.
If you currently qualify for a subsidy for a marketplace plan, it is extremely important to shop around the marketplace to see what plans are available for you this year. People who are willing to change plans might even find that their premiums will decrease this year. If you don’t qualify for a subsidy and your premium has increased, it is still smart to shop around. Last year, (despite the fact that premiums offered were estimated to rise by double digits) the increases that people actually paid did not even rise by that.
