The re-enrollment came following the frustrating technical problems encountered by healthcare.gov, the federal website, last year. The good news was, in spite of the problem, close to 8.7 million Americans have signed up for the Children’s Health Insurance Program (CHIP) and and Medicaid and another over 7 million individuals purchased insurance plans in various exchanges. Now that healthcare.gov is back, the federal and state governments have promised a better website.
Meanwhile, here are some important information about the re-enrollment.
If you enrolled in healthcare.gov last year, you will be re-enrolled in the current plan this year. However, you are encouraged to compare the prices and benefit packages since changes have been made and some new packages will be introduced. It is also advised that you update your income information and find out if you qualify for financial aid. Also, make sure you receive the correct amount or suffer tax repercussions later
In the past, you are given up to six months to enroll. This time, you only have three months; that is, until February 15 2015. So if you want to renew your coverage effective January 1, 2015, you’ll have to complete your application not later than December 15, 2014.
If you are a low-income earner and can’t afford to purchase a health insurance, find out if you are eligible for Medicaid. The federal expansion program allows for individuals with incomes at or below 138% of the federal poverty line (based on the guidelines, $16,105 for individual and $32,913 for families with four members) to avail of Medicaid.
If because of this provision you don’t qualify for Medicaid but still could not afford to purchase a health insurance, the federal government grants subsidies to help you purchase one from a private insurance provider. The subsidies are available for individuals and families whose incomes fall between 100% and 400% of the poverty line (based on the guidelines, between $11,670 and $46,680 for individuals; and between $23,850 and $95,400 for families with four members).
The IRS slaps a fine of the higher of $95 or 1% of your income if you did not avail of a health insurance in 2014. By 2015, the IRS announced that the penalty will increase to the higher of $325 or 2% of your income.
With Obamacare 2.0, health insurers cannot deny you with your coverage or charge you with more because you have pre-existing medical conditions. Obamacare has also removed the annual and lifetime limitations on essential health benefits such as hospitalization and prescription medicines.
If your employer has provided you with a healthcare insurance, you may choose to stay in that plan. However, just as before the passing of the Obamacare law, your employer is not required to keep you in the current plan. Your employer may also change your deductibles, premiums and network coverage. If you own a business, this also applies to you; that is, you are not required by Obamacare to provide your employees with health insurances.