A Quick Guide to the Marketplace Open Enrollment – Begins Nov 15

Open enrollment is right around the corner for the Marketplace. Are you prepared? Do you know what changes are slated for 2015?

Open enrollment is right around the corner for the Marketplace. Are you prepared? Do you know what changes are slated for 2015? Do you know the specifics for your state? Do you have the option to keep the same coverage as you had in 2014?

• Open enrollment begins November 15 and extends until February 15, 2015. However, in order for changes to become effective January 1, you must apply/make changes by December 15

• You will receive 2 notices by the end of November
  • one from the Marketplace
  • one from your Insurance Company

• The notice from your insurance company will tell you if:
  • you will automatically be enrolled in your 2014 plan or a similar plan or
  • you will not automatically be enrolled in the same or similar plan and will need to enroll in a plan in order to have health coverage for 2015

• If you’ll be automatically enrolled, your insurance company will tell you:
  • The plan you’ll be enrolled in
  • Your 2015 monthly premiums and estimated savings
  • Any changes to your plan for 2015
  • Your other coverage options, deadlines, and important information about your coverage

• If you’ll be automatically enrolled, the marketplace notice will tell you which of the following applies to you:
  • You’ll get the same premium tax credit and other savings you had in 2014
  • You’ll lose your premium tax credit and other savings unless you update your Marketplace application and the new information shows that you qualify for savings

• If you won’t be automatically enrolled in your 2014 plan, your notice will explain:
  • Your coverage options
  • Enrollment deadlines
  • Next steps to take
  • Other important information

• Even if you could be automatically enrolled for 2015, you always have the option to choose a different plan

• Process changes for enrollment are effective for the following states: Nevada, Oregon, and Idaho. Please review the changes for these states on www.healthcare.gov.

• Health insurance plans and estimated costs which will be become effective January 1, 2015 will be published on www.healthcare.gov by the end of November

• Summary of deadlines for Open Enrollment:
  • November 15 – open enrollment begins
  • December 15 – the last date to enroll for coverage that starts January 1, 2015
  • December 31 – Date when all 2014 Marketplace ends, no matter when you enrolled
  • January 1 – the date 2015 can start if you apply by Dec 15 or if you accept automatic enrollment in your 2014 plan or a similar plan
  • February 15 – the last day to enroll in 2015 coverage.

• Who’s eligible to use the Marketplace?
  • You must live in the US
  • You must be a US citizen or national
  • You can’t be currently incarcerated
  • You do not have Medicare coverage

• Penalties and fees if you do not have health coverage for 2015
  • Penalty of $325/adult ($162.50/child) or 2% of your income, whichever is higher

For the official information on the marketplace and specifics for your state, please visit www.healthcare.gov.