Open Enrollment Nov 1st through Jan 31st

The annual open enrollment for 2016 coverage begins November 1^st and ends January 31^st.  During this window, you can enroll in a new plan, renew an existing plan, and apply for a premium tax credit to subsidize your plan if you qualify for one.  After January 31^st, you will not be able to enroll in individual medical coverage unless you have a qualifying life event.  (See May 11, 2015 Blog.)

New Enrollments

If you didn’t have a Blue Cross and Blue Shield of North Carolina_® plan in 2015 but are interested in enrolling in a Blue Cross and Blue Shield of North Carolina_® plan for 2016, now is the time to request a quote.  I will walk you through the entire enrollment process including applying for the premium tax credit if you’re eligible for one.

Premium Tax Credit

Based on your household size and income, you could be eligible for the premium tax credit to subsidize your plan.  If you or your spouse have access to affordable insurance through an employer, then you won’t be eligible for the premium tax credit.  If you’re not offered health insurance through work, and you fall between 100% and 400% of the federal poverty levels, then you could be eligible and should definitely apply for it.  Even if you choose not to use the credit to subsidize your plan, by applying for it, you will be able to get the credit when you file your 2016 tax return.

Renewals

If you had a Blue Cross and Blue Shield of North Carolina_® plan in 2015, you will receive a renewal notice.  In that notice, you’ll be provided the steps to take to either keep your existing plan or enroll in a new plan.  If you had a subsidy in 2015, it is recommended that you make sure your income information is up to date to insure you’re getting the most out of your premium tax credit for 2016.  I can assist you with this process.

Tax Penalty

Every year, the tax penalty (shared responsibility payment) increases for those who choose not to enroll in a qualified health plan that provides minimum essential benefits.  For 2016, It will be the greater of

• 2.5% of the taxpayer’s household income that is above the tax filing threshold for the taxpayer’s filing status, or
• The taxpayer’s flat dollar amount, which is $695 per adult and $347.50 per child.  The maximum penalty per family is $2085.

Take a look at the 2016 plan brochure here.

http://healthplansofnorthcarolina.com/agent_docs/Docs/ba_brochure_2016.pdf

If you have questions about our plans or need help with the process, please feel free to call me.  I’m happy to help!