The Thanksgiving holiday is always a time to reflect and to remember who we are thankful for family, friends, a good job. . . correct and the door-busting Black Friday deals.
In the spirit of the season, you are probably thank your lucky stars you have health insurance and you do not have to worry about this next ACA open enrollment, which begins November 15
More time to think of turkey and trimmings feast for a few weeks. Law?
Not so fast.
Even if you have health coverage and your plan is set to automatically renew for next year, consumer advocates and policy experts - including Ivan Williams, Senior policy analyst of GetInsured - say you should carefully consider your current ACA Police
If you do, you could end up paying for it in the long run with. higher excluding reimbursable expenses, smaller tax credits -. or even no health insurance at all
"You do not want to put your insurance on auto pilot," Williams said. "If you are not plot your course, you could end up somewhere you do not want to be
Or worse, you could end up breaking. - Means that your health could miss it always is. a good idea to be proactive, review your coverage options. "
Unfortunately, a recent survey found that only 43 percent of people who used the federal insurance market or exchange managed by the State during the last open enrollment plan to return to look around a 2015 health plan.
they have a bad shopping experience or they are just "shrug," opting to leave their self-renewal policy, it could be costly. Error
Here are four reasons why reviewing your health plan each year is a smart move:
so, you are not Caught uninsured
If you are now. covered by a plan by the market facilitated by the federal government (FFM), you will receive two important forms :. a notice from your current insurer and the market
the insurance company will leave a notice whether you will be entered in a 2015 plan or if you will need to take steps to maintain coverage.
"Those with state plans should check with their insurance companies and their market as some states do not automatically sign the coverage for 2015, "Williams said.
Californians, for example, will connect to CoveredCA.com and complete an online renewal, while New Yorkers will be only self-renewal if they chose this option when they signed for their 2014 coverage
The bottom line :. Check with your insurance company or your Act (ACA) market Affordable Care what you need to do to ensure coverage for 2015.
Keep in mind that the deadline for enroll in a plan that is beginning on or after 1 January is on 15 December, no matter where you shop.
Although you can recall numerous deadline extensions the last open enrollment, do not count on that happening again this year.
so you do not end up with a plan that has changed.
"Review your policy to make sure there are no changes that might surprise you in 2015," Williams said.
for example, a laboratory previously used by your physician can not be a covered provider, leaving you to foot the (potentially expensive) bill for all tests or blood work.
or maybe your primary care trust doctor (PCP) has selected network of your plan.
"Physicians and other providers can abandon, abandonment, or be added to a network at any time, even if you do not change the insurance companies, it is good to check their current provider list "said Williams
another sticky situation may happen.
your current plan, scheduled for automatic renewal is interrupted, and your insurance company you registered to another closer to the old regime.
If they do not offer the same level policy level (bronze, silver, gold or platinum) as your old plan, you might end with a level of different coverage, including changes to your premiums, copays, benefit costs, and out-of-pocket.
even if your insurer registered to another system in the same level, make sure your favorite doctors are always networking and to see if there are differences in the services covered.
your insurance company will inform you of any change of regime, and send you the information of the new regime, so make sure you understand the differences in premiums, copays, coinsurance, and deductibles - and think about whether it is useful to consider another option market, including a different insurance carrier.
Therefore, you receive the right to tax subsidies and cost-sharing reductions.
If you receive a notice that your health plan is set to auto-renew with the same tax credits that you obtained in 2014, there are important reasons that you should reconsider your market for state or federal to update your information.
tax subsidies, which can reduce the cost of your monthly premium is based on your household size and income.
If, for example, you recently welcomed a new baby or have unfortunately been laid off from a job, you'll want to let the market know since you may qualify for higher subsidies.
On the other hand, if you got a well-deserved increase your grants would decrease most likely, and if you do not update your information on grant eligibility, you may end up owing uncle Sam a chunk of change when you file your 2015 taxes (in April 2016).
Eligibility for participation in cost reductions is based on your income, and if that has changed dramatically over the last year, you will certainly want to review your health insurance options.
If your income is over and you are enrolled in a level of money plan, you can now have the right to participate in cost reductions if you were not before.
If your income is lower than it was and you are part of a different metal level plan, you may want to switch to a money plan to enjoy sharing cuts costs , assuming you qualify.
a cost-sharing reduction lowers the amount you pay out of pocket for deductibles, co-insurance and co-insurance.
Although the size of your home and your income has not changed, the standard plan in your area may increase or decrease the tax subsidy you receive.
So your 2015 plan is the best solution for you
All things being equal -. same plan even household size, income and even - perhaps your health status has changed since you bought your last shot.
Maybe you seen in the peak of health so that you have opted for a bronze plan with low monthly premiums but more out-of-pocket expenses such as deductibles, copays, and coinsurance.
Then you had your annual physical and received a surprising new diagnosis of diabetes, a chronic disease that you need to manage with regular medication and examinations.
a bronze plan may be the best choice, and you'll want to look to a new level with higher premiums but lower out-of-pocket costs.
the good news is that many ACA plans will be offered in many markets this year, so it pays to carve out a little time for shopping again (before or after the turkey).
Take a hard look at your health insurance options (and your health) this time every year is a very good idea.
Even if you think your plan is great.
Even if you prefer to get a head start on your holiday gift shopping (and brave the Black Friday frenzy) you sit down to review your
policyis a like brushing and flossing, or exercise :. you do it because you know it is good for you in the long term. Tweet this
And in this case, it is not only good for your physical health - and your family -. It is good for your financial health as well
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