Health care reform, also known as the Affordable Care Act (ACA), has resulted in a lot of changes over the last few years. One of the biggest changes in the industry is the establishment of an open enrollment period for individuals and families to purchase major medical plans.
During the upcoming open enrollment, individuals and families can purchase ACA-compliant major medical plans with coverage that starts in 2015. For those with a qualifying life event, these plans may be purchased outside of open enrollment.
What does ACA-compliant mean to you? Well, among many other distinctions, it defines a plan as Minimum Essential Coverage, which means the plan complies with the reform law and covers medical services and products that may not have been covered prior to reform, like preventive care, medical services related to pre-existing conditions and more.
Open enrollment for these major medical plans is scheduled to begin on November 15, 2014, and is scheduled to end on February 15, 2015.
For many people, this year’s open enrollment period is the only chance they’ll have to purchase ACA-compliant major medical coverage for the 2015 calendar year.
When will my coverage start?
|If you purchase between:||Your coverage can start as early as:|
|Nov. 15, 2014 – Dec. 15, 2014||Jan. 1, 2015|
|Dec. 16, 2014 – Jan. 15, 2015||Feb. 1, 2015|
|Jan. 16, 2015 – Feb. 15, 2015||Mar. 1, 2015|
Major medical coverage usually starts at least 15 days or more from the date the plan was purchased. It’s important to be aware of the date your coverage will start, especially if you want to purchase a major medical plan with coverage that begins on a specific date.
Talk to an Agent’s Partner Expert if you want to know more about how coverage start dates work for major medical plans. Learn more by calling 801-254-7656
***Keep in mind, for many individuals and families, ACA-compliant major medical plans will not be available for purchase again until the open enrollment period for 2016.***
Am I eligible for financial assistance?
Certain consumers may be eligible for financial assistance when they purchase a marketplace plan during open enrollment. Typically, subsidy eligibility is calculated by the level of household income, as well as the price of certain plans available in their state.
The most well-known type of subsidy available is the advanced premium tax credit. Also known as a premium subsidy, this is a tax credit you can use right away to help reduce the cost of ACA-compliant major medical plans. Depending on your situation, there may be other forms of subsidies available.
Agent’s Partner can help you determine your subsidy eligibility and help you find a subsidized plan in your state. Talk to an Agent’s Partner sales expert to learn more. Call 801-254-7656
Where can I buy a major medical plan, starting November 15?
You can purchase a major medical plan directly through Agent’s Partner, starting with the upcoming open enrollment period.
Talk to an Agent’s Partner sales expert to learn more about plans available in your area and to understand your eligibility for financial assistance. Learn more by calling 801-254-7656.