What You Need to Know About Health
Insurance Open Enrollment

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Life is unpredictable. Good health today doesn’t guarantee the same tomorrow.  Every day, families across the U.S. just like yours are caught off guard by negative medical news, and those that lack health insurance face bankruptcy and loss of income on top of their medical worries.
Conditions such as cancer often show few warning signs before they become a problem. Your loved ones could feel fine today, and need emergency surgery tomorrow. With the cost of medical procedures rising, even a single unexpected hospital visit could cripple you financially. Without health insurance from the health insurance marketplace,  your loved ones may be unable to access the treatment they need at a reasonable cost.
If you, your spouse or your child needs to spend even a single night in the hospital, you could be responsible for tens of thousands of dollars in medical bills. With health insurance coverage, however, you won’t need to decide between a life-saving operation and next week’s grocery budget.

Medical bills are a top cause of bankruptcy in the U.S.

When your loved ones get sick or injured, you shouldn’t have to worry about whether or not you can afford to get them the treatment they need. And yet, medical bills are one of the top reasons families in the U.S. go bankrupt, especially for those without any health coverage to lean on.

If your employer doesn’t offer health care coverage and you do not qualify for Medicare, Medicaid or assistance through the Veterans Health Administration, you need to find health insurance coverage through the health insurance marketplace.

There is good news, however. If the above statement applies to you, you likely qualify for a subsidy from the federal government under the Affordable Care Act. In fact, government subsidies could lower your monthly health insurance payments to as little as \$0 (Zero Dollars) per month.

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Health insurance is a requirement

Under the Affordable Care Act, all Americans are required to have health insurance. If your employer does provide coverage, that health insurance will likely be the best option for you and your family. For people who do not have access to a health insurance plan through their employer, other health insurance plan options are available, including purchasing health insurance coverage through the health insurance marketplace. This enables you to choose a plan that meets your standards of affordability, while ensuring you meet government requirements for insurance. If you choose to forego coverage, despite the availability of affordable selections, however, you will be penalized.

Penalties for lack of health insurance

If you do not have health insurance, the federal government will fine you in one of two ways, either as a percentage of your household income or on a per person basis – whichever is higher:

2.5 percent of household income, with a maximum penalty equal to the national average price of a bronze-level
insurance plan.
$695 per adult.
$347.50 per child under 18 years. According to these figures, the federal government would fine an uninsured family of four $2,085.

It’s also important to note that paying the fine does not grant you medical insurance coverage. You would be required to pay the penalty and still receive no benefits. Therefore, it’s in your best interest to seek out an affordable health insurance plan before the nationwide open enrollment period ends on Jan 15, 2023. The easiest way to start the process is to request a free quote today to learn how to get the best coverage at the most affordable rate.

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You can only get health insurance during health insurance open enrollment

This year, the health insurance open enrollment period runs from Nov. 1 to Jan. 15 and it is the only time of the year that you will be able to purchase a health insurance plan. Before this period begins, you should research which health insurance plan options are available to you via the Affordable Care Act (ACA) and determine if you qualify for a government paid insurance premium subsidy.

If you fail to apply for insurance during the open enrollment period, you will be without health insurance until this time next year. Without coverage, you will have to live with the constant worry that a single incident could turn your life upside down. Every checkup and unexpected visit to the doctor’s office will cost you far more than if you had health insurance coverage. There is no reason why you should have to live with this constant anxiety. Get coverage during open enrollment, and get that monkey off your back.

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Buying Health insurance can be complicated

Deciding what type of medical coverage your family needs can be a difficult and time-consuming project. For example, if you recently turned 26 and are no longer eligible for your parents coverage, it means you have a lot to learn in a short amount of time. But if you’re busy working and taking care of your family, how will you have the time and energy to find the best health insurance plan at the most affordable rate?

An experienced, licensed insurance agent can help by doing the legwork for you and translating the difficult regulatory requirements into language you can understand. In fact, this is a smart option because the law requires that there is no difference in the price of coverage whether you purchase insurance on your own or enlist the help of a qualified agent. These professionals can work within your budgetary constraints and medical needs to find coverage that works for you and your family.

All you need to do to get started is request a free health insurance quote. Be sure to choose a partner that only works with A-rated health insurance companies, so you know you’re getting the optimal health insurance coverage for you and your loved ones.

Federal health insurance premium subsidies mean you could pay as little as \$0 per month

If you cannot afford health insurance through the marketplace, you can still receive coverage. The federal government offers subsidies to individuals and households that depend on their income for non-medical-related expenses. Your current income status determines how much the government will pay for your monthly insurance payments.

Qualifying Life Events

If your income has gone down this year, or you’ve added a member of your household, or you have experienced a qualifying life event, you likely qualify for a larger premium tax credit on your health insurance plan. You may have the option of taking a larger amount of the credit in advance in order to lower your monthly health insurance premium payment. In some cases, this may mean you won’t have to pay anything for health insurance coverage.

Qualifying Life Events Throughout the Year

Qualifying life events are life events that let you make changes to your benefits outside of the open enrollment period, which is called the special enrollment period.  If you need coverage during a time when annual open enrollment isn’t available and you have not experienced a Qualifying Life Event, you can buy short term health insurance. Short term health insurance can fill health care needs for short amounts of time. 

Children’s Health Insurance Program (CHIP)

If you have children, don’t forget about the Children’s Health Insurance Program (CHIP).  It provides health insurance coverage that includes doctor visits, preventive care, hospitalization, prescriptions, and more. You can compare plans based on price, benefits, quality, and other features important to you before you make a choice. With one application, you’ll see if you qualify for free or low-cost coverage through Medicaid or Children’s Health Insurance Program (CHIP).

ACA Health Insurance Marketplace – There’s a Plan just for You

If you can’t get insurance through an employer or another government-sponsored program, you need to apply for health coverage through the health insurance marketplace. To find out if you qualify for FREE health insurance, request a complimentary health insurance quote from Fiorella Insurance today.  There is not cost to you for this service.

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