Open enrollment begins
runs through December 15 for a 1/1/19 effective date.
During open enrollment an individual can purchase any ACA plan that’s available to him or her on or off the Health Insurance Marketplace and does not need to show proof of having a qualified life event (e.g . marriage, birth or adoption of a child, moving between counties or states, etc.)
However, individuals applying for subsidies may have to submit proof of income (they'll have 90 days to do this) or proof of immigration status or citizenship (they"ll have 95 days to do this). (This process is called “resolution of data matching errors.”)
Coverage is effective as of 1/1/19 provided any required binder payment is paid by then. Failure to make a required binder payment by this date (note: some carriers may announce an extension of this date) will result in loss of coverage, and failure to resolve a data matching error by the time period indicated results either in loss of coverage or loss of the advance premium payment tax credit.
Last month I included information in the newsletter about average rate increases for next year. I mentioned that Florida Blue has increased premiums an average of 4%. While these increases are considerably less than those in prior years, note that these are
averages: some premiums have gone down and some, depending on the plan, have gone up as high as 15%.
I hope to be in contact with all clients who have ACA plans before the second week of November but will certainly be in touch with ALL ACA clients well in advance of the time they need to make a decision and enroll in a plan for 2019.
Those who have Florida Blue plans will have a simple process for renewing for 2019. A significant number of my clients have already renewed their plans for 2019.
New rules have been published concerning the availability and maximum length of coverage for short-term health insurance policies. I’ll be in contact before December 8 with all clients who have short-term policies expiring in late December or early next year. This will give them an opportunity to enroll in an ACA policy before December 15 or elect either a short-term health policy, an insured limited benefits policy, or a medical cost sharing plan.
The tax penalty for not having a plan that meets ACA requirements will be eliminated effective January 1, 2019.
You’ll probably be receiving mailings about new product offerings and receive calls from agents about these products. Please be very careful in evaluating the suitability of these products for your situation and make sure any insurance products you consider are offered by an insurance carrier admitted to do business in your state.
While the vast majority of agents follow the rules and research the products they offer, unfortunately there are a number of unscrupulous agents selling these types of policies/coverages. Virtually all of these new products have pre-existing limitation provisions, but these provisions vary between products and carriers. If you’re approached by an agent to buy one of these policies, make sure the carrier you're considering is admitted to do business in your state, and carefully evaluate whether or not the proposed product meets your specific requirements.
at 877-734-3884 for help in evaluating any proposals you receive regarding one of these products.