When you’re signing up for health insurance through the Marketplace (also called the ACA or Obamacare), there are several points you need to pay attention to so you get the best deal you can.
#1: Know your dates. When can you enroll? For starters, anybody and everybody can enroll in new coverage or renew their plan during open enrollment. That period runs from November 1st through December 15th.
If you have a significant change that affects your coverage, that’s known as a “qualifying event.” These events include a loss of coverage, having a new baby, getting married or moving to a new zip code. You have 60 days before or after one of these events to make a change or choose new coverage.
#2: Have the right documentation ready. You’re going to need documentation, such as the Social Security numbers for each person being enrolled. If you have a qualifying event, you will need documentation for this event. You will also need to have income figures ready for anyone being enrolled.
#3: Determine your income. Your income needs to be accurately calculated so you’re not surprised with any adjustments later on. You’ll need your adjusted gross income from your IRS Form 140. That figure is going to determine your premium for your plan.
#4: Look at all your options. Don’t just settle for the cheapest option. A low-premium plan may have a high out-of-pocket cost. Higher premiums may come with lower out-of-pocket costs. You want to make sure you’re looking at all the information on premiums, deductibles and copays to determine which plan is going to fit your family’s needs this year.
As part of checking out all your options, find out if there’s a cost share or premium assistance resulting from a premium tax credit (another name for your subsidy). Depending on your estimated income, you might be qualified for this credit. To get your best deal, you need to check out all the options available to you.
#5: When you’re navigating this confusing enrollment process, find the right person who can help you. We know exactly how challenging it is to enroll in Obamacare. We get many calls from people who either get overwhelmed during enrollment or who realize that they didn’t get the best deal last year and want to fix it this year.
The staff here at MB Health is ready to help you get the coverage you need at the best price for you. We know exactly what information is required to enroll you and your family. When you need help getting enrolled, feel free to give us a call at (314) 544-5400.
