Open Enrollment Ends December 15th! Here’s What You Should Know

By Stephanie Geistel

Tis the season for Open Enrollment! With a shortened enrollment period, take the next few weeks to learn about new benefits and maximize your family’s health care plan and financial well-being. Here are a few things you should know:

1. Shorter Deadline...Move Quick!

Open enrollment began November 1st and ends December 15th, a span that lasts a mere 45 days and is your only chance to apply for 2018 coverage. Beat the rush and apply today: Healthcare.gov.

2. Penalties, Fees, and Exemptions

The Affordable Care Act (ACA) is still law, and you may still have to pay a penalty if you don't purchase coverage in 2018. Also, be mindful while shopping for insurance plans - many websites and providers are not ACA approved and purchasing one of these plans will still result in a fee come tax time. There are, however,  certain exemptions based on household income, to learn more visit: https://www.healthcare.gov/exemptions-tool/#/

3. Shopping For the Best Insurance Plan

Marketplace premiums are increasing 27% on average in most states, but the government is offering higher subsidies to offset the rising costs. Being that silver plans are experiencing the highest hikes, this may mean you can upgrade to a gold or platinum plan at no or little additional cost to you. Shop around! We can't say this enough.

4. Prices Changes and Auto-Renewal

Speaking of shopping around...If you don't intend to change your plan, be sure to review any price hikes and subsidy changes before the enrollment period ends on December 15th. Plans are set to auto-renew on December 16th, 2017 and with the price increases and subsidy changes - you wouldn't want to get locked into the wrong plan for an entire year!

Have questions? Ask us at hello@4pointconsulting.com.