TALLAHASSEE, Fla. – Oct. 30, 2015 – The open enrollment for 2016 health insurance through the Federally-Facilitated Exchange (Marketplace) begins Sunday, Nov. 1. Realtors who already have coverage can consider new options, and those who don’t have coverage can sign up.
While the program offsets the cost of insurance for many families, it penalizes people who opt to forego coverage altogether. According to the federal healthcare website, healthcare.gov, the penalty for those without 2016 coverage will be A) 2.5 percent of yearly household taxable income up to the full cost of Bronze-level insurance policy or B) $695 per person ($347.50 per child under 18) with a maximum penalty per family of $2,085.
The Florida Office of Insurance Regulation issued a memo encouraging Floridians to be informed and look at more than how much a plan costs because “they’re not all created equal.” Health providers offer a variety of options based on level of coverage, deductible amounts and provider networks.
Coverage topics to consider
Expected costs and out-of-pocket expensesUnderstand how much a health insurance plan will cover for health care costs – and what out-of-pocket expenses an insured must pay for deductibles, copayments and coinsurance.
The health care exchange offers four main coverage levels and each provides a specific percentage of coverage.
Bronze covers 60 percent of expected costs
Silver covers 70 percent of expected costs
Gold covers 80 percent of expected costs
Platinum covers 90 percent of expected cost
Federal premium tax credits are available at all plan levels; cost-sharing assistance is available only in a Silver plan through the Marketplace.
Provider networksProvider networks vary by plan –some offer more freedom of choice than others. Before selecting a plan, look at each one’s provider network of doctors and hospitals.
PharmaceuticalsHealth plans may have different lists of covered medications – and different coverage levels for each.
There is also assistance available when shopping. Licensed insurance agents can provide recommendations based on individual circumstances. An insurance agent will not only assist a consumer at enrollment but also provide year-round service.
While open enrollment starts in two days, consumers can start to study their options now. Visit healthcare.gov for more information.
© 2015 Florida Realtors®
Source: Florida Realtors Feed