I: Individual Health Insurance Marketplace (Exchange) Information for 2015

This is the first of a series of posts we will publish between now and November 15, when the open enrollment for 2015 individual health exchange plan commences.  We will keep this site up-to-date as we receive further information from various sources.

The first thing we would like to emphasize is the OPEN ENROLLMENT PERIOD. This period will run from 11/15/14 to 2/15/15 and the enrollment dates are as follows:

•     Enrollment dates 11/15/14 – 12/15/14; the policy would be effective January 1, 2015

•     Enrollment Dates 12/16/14 – 1/15/15; the policy would be effective February 1, 2015

•     Enrollment date 1/16/15 – 2/15/15; the policy would be effective March 1, 2015.

If you would like to make changes to your present individual health plan or if you currently do not have health coverage then you will need to enroll between these enrollment dates.  Even though the open enrollment runs until February 15, we expect extremely heavy volume between November 15 and December 15, and that is why we are trying to get information into your hands as early as possible.

Unlike 2014, when there was only one carrier available on the federal exchange (Anthem), we are excited to tell you that there are going to be five companies available this year.  If you did not utilize us as your broker last year, we would strongly encourage you to do so this year, because there are going to be a lot more choices and things will be a lot more complicated than in the past.  In addition to Anthem, two insurance companies, Harvard Pilgrim and Assurant will all be available on the federal exchange next year. As well as two not-for-profit health co-ops, Maine Community Health Options and Minuteman Health from Massachusetts for a total of five companies on the federal health insurance exchange. As a result, it may be in your best interest to look into new coverage for 2015. If you currently have an Anthem individual health plan it will automatically renew for January 1st if you do nothing. However, this may not be your best option as there could be network changes and rate increases. 

For those of you who had subsidies on the federal health insurance exchange, it is essential that you make sure that your income information is up-to-date and accurate. The federal exchange will generally continue with the same subsidy you have been receiving, unless they receive updated information from you.  If you are receiving a subsidy that is too large for your 2014 adjusted gross income, you may have to pay a portion of that back on your 2014 taxes, and obviously you don’t want to end up in that situation in 2015 as well.  If you have created an account on the federal exchange website, you can log into your account and update your information online or, call 1-800-316-2596. We strongly recommend you do that before November 15. Whenever you update your account or otherwise interact with healthcare.gov by phone or internet, please make sure to indicate you are using us as your broker. Be sure to use our NPN number, which is 68433, and use “Raymond White” as your agent. Otherwise we cannot have access to your account.

If you have any questions about this information, I would encourage you to call our office prior to November 10.  You are important to us, and we will do our best to assist you in this ever changing environment.  Please feel free to share this information with friends, family, co-workers, or anyone you feel would benefit from it.