Confused about the exchange? Here's a guide to buying health insurance
Open enrollment in the health insurance exchange started last week, kicking off the now-annual exercise in confusion for 2016.
The Topeka Capital-Journal compiled this basic guide to the exchange and health insurance requirements for 2016.
People who want their coverage to start by
The fine for not having insurance will rise to 2.5 percent of household income or
Koenig advised people looking to sign up to allow 90 minutes, though people who have done it before have been able to finish in 40 minutes. She said she has seen a number of people who enrolled last year coming back for help re-enrolling, but isn't sure how many new applicants to expect.
To reduce frustrations, people who want to sign up should have the following information handy:
- Names,
- Immigration documents, if relevant.
- Employer and income tax forms, such as your W-2.
- Policy numbers and plan ID for any current health insurance plans covering you or family members.
- If your or your spouse's employer offers insurance, but you opt not to purchase it, a completed employer coverage form, found at: www.healthcare.gov/downloads/employer-coverage-tool.pdf.
- Your household's estimated 2016 income.
Income is particularly important because some people may qualify for two types of assistance to lower their costs based on financial need, Koenig said. People earning between 100 percent and 400 percent of the federal poverty line can qualify for tax credits to reduce the cost of their premiums, she said, and people earning between 100 percent and 250 percent also may get a form of cost- sharing that is applied toward deductibles and copays.
"I don't think we're going to see as many this year," she said. "The first year, it seemed like every case was difficult."
Prospective buyers can filter plans by their premium or deductibles, or by their "metal level," Koenig said. The plans are ranked as bronze, silver, gold or platinum, with higher premiums at the upper end of the scale, but lower out-of-pocket costs. They also can check if a doctor or hospital is in a certain plan's network, she said.
Taylor also advised people to check whether their prescriptions are covered under a plan they are thinking about purchasing. They also want to weigh whether they would be better off paying less in premiums and taking their chances on an expected bill, as a healthier person might, or whether they want to pay less out of pocket when they use services, she said.
"For people who have more medical needs, it's probably better for them to pay the higher premium," she said.
The following agencies will offer assistance signing up through the exchange:
-
-
-
People who don't have insurance through work or a program like
"When you go in and look at those plans, there's 30, 40 different plans, and that's confusing even for an insurance person, let alone a layperson," she said.
To sign up through the exchange, visit www.healthcare.gov or call (800) 318-2596.


More than just a name
'Girls on the Run' founder Molly Barker has a new plan – and this one's to change America
Advisor News
- Your client wants to cash out an annuity. Here’s what to consider
- How student loan debt impacts 401(k) balances
- The ‘sandwich generation’ faces compounded barriers to retirement savings
- Benefit Costs Squeeze Schools, Driving Cuts, Tax Hikes And Difficult Tradeoffs
- Why client insurance needs could change even if their life doesn’t
More Advisor NewsAnnuity News
- SS&C Black Diamond Expands Annuities & Insurance Marketplace with New Insurance Capabilities and Carriers
- Regulators urged to sharply limit hypothetical data in annuity illustrations
- Your client wants to cash out an annuity. Here’s what to consider
- Oklahoma Insurance Dept. helps Oklahomans recover unclaimed life insurance benefits
- Bitcoin gains ground in retirement market with Equitable annuity option
More Annuity NewsHealth/Employee Benefits News
Life Insurance News