by Holley Maher
Believe it or not, we are rapidly approaching another “Obamacare” enrollment period. This year’s individual enrollment period will begin Nov. 1, 2015, and run through Jan. 31, 2016.
If you do not currently have health coverage, this will be your only opportunity to enroll in an individual health plan for 2016. Also, it is important to note that the penalty for not having insurance will increase in 2016. This penalty in 2016 will be 2.5% of your yearly household income, or $695 per person – whichever is greater.
We’ve talked with many people who simply say they will pay the penalty just because it is less than the cost of having insurance. The real cost to consider will be the cost if you’re diagnosed with a serious illness over the next 12 months and do not have coverage.
If you do have coverage, it will definitely be worth your time to talk with an experienced broker, who can compare your options. Many insurance companies have requested double-digit rate increases, while others are reporting a decrease in their premiums.
Another strategy consumers are using to control premium costs is to select a plan that offers a smaller network of health care providers. Premiums for plans with smaller networks can be as much as 15 to 20% less than plans that provide larger networks – another great reason to work with a local broker who can provide insight into the local market and help you find a plan that provides the coverage you need.
Holley Maher (hmaher@SmartBenefitsPlus.com) is a partner at Maher, Rosenheim, Comfort & Tabash LLC, specializing in group and individual insurance.
Submitted 8 years 208 days ago