THE BASIC DETAILS
Open Enrollment for 2017 health insurance begins November 1 2016 and runs through January 31 2017. However in order to have your health plan begin on January 1 2017 you must enroll by December 15 2016.
While it may seem like you have plenty of time to sort out health insurance plans for yourself and your employees dont put it off. The landscape is changing daily with carriers continuing to pull out of the exchange marketplace rates increasing and fewer doctors and hospitals participating. This year in particular its crucial to be prepared.
Its also important to know that you have options outside of the Open Enrollment period some that started on October 1. Well delve into that below.
WHY YOU SHOULD PREPARE NOW
Starting the enrollment process early will help ensure your plans effective date is January 1 and it will also give you a clearer idea about any marketplace or plan changes that could impact your healthcare choices and ultimately your business bottom line. For example we continue to see high deductibles and high rates for out-of-network care. And fewer PPO plans exist each year.
But you do have options. If an Affordable Care Act plan still works for you and your employees the NFIB Health Exchange carries those plans during Open Enrollment. Even though rates are up NFIB members who used the NFIB Exchange last year saved an average of $1756*.
Outside of Open Enrollment ACA plans which offer no-questions-asked health insurance can be obtained only during a Qualifying Life Event such as marriage divorce birth adoption or death.
The NFIB Health Insurance Exchange can also help you explore non-Obamacare plans that could save you money. These can also be purchased as of October 1. Non-Obamacare plans can result in a tax penalty but the plans sill may be more cost effective even with the tax penalty factored in. The ACA also provides for scenarios where there is no tax penalty involved on a non-Obamacare plan. Confused yet? The NFIB Health Insurance Exchange can help. Call 888-488-6266 or
get an online quote now to get started.
HOW TO GET READY
- Gather your information.Put together an estimate of your 2017 Modified Adjusted Gross Income (MAGI) to determine if you are eligible for any premium subsidies. Other basic required information will be names dates of birth addresses and social security numbers for you and your employees.
- Review your current plan.Solicit feedback and suggestions from your employees on the current plan(s) offered and evaluate whether they meet everyones needs.
- Consider desired changes.Based on your observations and employee feedback think about any changes or enhancements you might want to make to your 2017 health insurance plan. Ask yourself:
- Was anything crucial missing that you or your employees want or need going forward?
- Are there any voluntary supplemental benefits you can addsuch as life accident critical illness or dental insuranceto bolster your employee benefit package and strengthen employee retention rates?
- Talk to your tax adviser.As mentioned above non-Obamacare plans can come with a tax penalty for not meeting the ACA requirements. (Remember however that premiums are generally lower here.) A meeting with your tax adviser is a crucial step in understanding implications and ways to deal with a potential tax penalty if you go the non-Obamacare route.
- Start shopping.You can shop ACA plansonline beginning November 1. Or if you wish to explore non-Obamacare plans as of October 1 you can enroll online or by speaking with a licensed professional at 888-488-6266.
NFIBs Health Insurance Exchange can take the headache out of the Health Insurance Open Enrollment process by providing you and your employees with options and by helping you save money. Shop online for both ACA and non-Obamacare plans at
NFIBHealthPlans.com or call 888-488-6266 to explore non-Obamacare plans.
*Figure is based on plans sold from 01/01/2015 to 12/31/2015 compared to what NFIB members reported previously paying. Each member varies and not all members will see savings for their plan.
