Make a Smart Health Insurance Decision
Fall
is in full swing and you are probably making decisions related to
health insurance. Many employers and some public programs, such as
Medicare, utilize the fall as the one time each year you can change or
renew insurance coverage. November 15th through February 15th marks the
open enrollment period in the Health Insurance Marketplace.
“The Affordable Care Act requires that you are insured for at least nine months out of every year, or you will have to pay a penalty at tax time for being uninsured,” said Roberta Riportella, Kansas Health Foundation professor of community health at Kansas State University. “There are some exceptions to the penalty, but for the most part, you should consider the benefits of being insured as compared to paying a penalty.”
There are several ways in which you can access and buy health insurance. Private insurance sources include employer sponsored plans or monetary allotments for insurance purchasing offered through one’s place of employment, the Health Insurance Marketplace, and licensed insurance agents or brokers. Public insurance programs, like KanCare, are available to those who qualify.
Are you buying insurance for yourself? You are able to do this through the Health Insurance Marketplace. This is an online resource where individuals, families, and small businesses can learn about the private health coverage options available in Kansas; compare health insurance plans based on costs, benefits, and other important features; choose a plan; and enroll in coverage. To simplify the idea of the Marketplace, consider how you might shop for airfare and lodging on expedia.com or a similar site. It is important to note that the only way to get lower costs on your monthly premiums –a tax credit for those who qualify– is through the Marketplace. In addition, if you think you might qualify for an exception from penalty, pursuing options through the Marketplace can provide documentation to advocate for yourself. You can access the Health Insurance Marketplace at www.healthcare.gov.
It is recommended to review several aspects of insurance policies before you choose which one is right for your family. However, before examining the benefits in each plan, you need to first understand your current health care needs and identify if you’re at risk for a particular need within the next year. This knowledge, when compared to your family’s budget, can help prioritize needs and wants as you make a smart health insurance decision.
Sometimes future needs are not predictable and the unknown may add stress to the decision-making process. During your enrollment period, work to make an educated decision based on predictable needs. While it becomes more difficult to alter your insurance coverage outside annual enrollment periods, there are exceptions. Qualifying life events such as getting married, having a child, or losing coverage through a job enable changes to be made during special enrollment periods.
Contact your local Post Rock District Office to access free and low cost resources that can provide non-biased assistance as you work through the health insurance decision-making process.
