The Rules Have
The days when you could change health insurance plans whenever you wanted are gone! Under the Affordable Care Act, you can only change plans during Open Enrollment or if you have a Qualifying Life Event. This article will explore why this is important to individuals who are still covered under non-ACA compliant plans and what constitutes a Qualifying Life Event.
When ACA went into effect, many who had health insurance could keep the plan they had. Many did that because their plan was often less expensive than an ACA plan which is required to have additional benefits. However, these plans may have a rate increase during the year and generally you cannot enroll in an ACA plan except during Open Enrollment. We often get calls from insureds with rate increases requesting quotes for less expensive plans, but we must deliver the news that they cannot change plans until Open Enrollment. So be proactive. We recommend you review your options during Open Enrollment. Just give us a call at 800.537.9786 and we'll determine whether an ACA plan can benefit you.
A Qualifying Life Event allows you to purchase new coverage or change your current coverage outside of Open Enrollment. Generally you must take action within 60 days of the QLE.
Some examples are:
- Losing other coverage
- Change in household size
- Moving to a new residence
- Change in income that would qualify or disqualify you for a premium subsidy
- Gaining U.S. citizenship
Don't try to navigate the ACA rules on your own. The professionals at REGIT will expertly guide you through the process - we'll make sure you get available premium subsidies and assist in the enrollment process, whether you apply on or off the Marketplace. We're here to help you!
Serving You Since 1960
VOLUME 1 | JULY
"Lorraine was very knowledgeable in answering all of our questions and setting us up with a plan that best served our needs. She went above and beyond to make sure we had a plan that fit our family needs. She was always available when we called with questions, and trust me, we had a lot of questions. I would highly recommend her for your insurance needs".
June 8, 2015, Julie B.
Tip of the Month
Did you get a notice from the Marketplace that you need to submit more information by a certain date? Don't ignore it. We have had several instances where a client was advised to provide additional information, but they didn't get around to doing it by the required date. The result? They lost their premium subsidy for the remainder of the year. Don't take such notifications lightly. Be sure to respond or call us for guidance to assure you can keep any benefits you are entitled to.