Was quoted in an on-line article about open enrollment!
http://health.usnews.com/health-news/articles/2014/11/12/time-to-enroll-or-re-enroll-in-an-obamacare-health-plan
ACA
Qualifying for a Subsidy May Make You Ineligible for an HSA Plan
If someone buys a Health Savings Account (HSA) plan, federal law requires that health plan to have a deductible of at least $1,250 per individual and $2,500 per family. Â
If you select a Silver level HSA plan on the exchange, if you receive special discounts, those discounts may make you ineligible for the HSA.
These special discounts will decrease the deductible and out-of-pocket costs. Â Sometimes a subsidy can decrease these amounts enough to drop them below the federal government’s minimum deductible threshold for HSA eligibility. Â If this happens, you will become ineligible for the HSA feature, but automatically enrolled in the base plan without the HSA component. Â Unfortunately at this time there is no notification from the Exchange to alert the customer to this problem. Â
If this happens to you, just realize you can keep your plan, but not the HSA feature. Â
If you want the HSA feature, you will have to wait until the next open enrollment period to select a qualified plan. Â
Some of this information was taken from an email I received from Anthem. Please consult with your tax advisor, and your insurance broker for your specific situation. Â Â
Keeping Your Plan Until 2017
On Wednesday, March 5th, the Obama Administration announced a 2 year extension to the policy that if your individual or small group plan was due to be cancelled in 2014 as a result of the essential health benefit benchmarks and other market reform requirements imposed by PPACA, you would be able to keep it, as long as your state insurance commissioner and the carriers in your state say it’s ok.
This policy only applies to existing policies. Â All newly sold coverage will have to meet all of the market reform requirements and other benchmarks imposed by PPACA (or ACA or ObamaCare).
Here in Kentucky, when this was announced last November for the first extension, we were allowed to do so. Â However, the state of Indiana didn’t allow it. Â We are still waiting to hear from our carriers if this will be allowed a second time.
 This is a political move by the Democrats with the mid-term elections coming up.  Pricing for renewals will be coming out in July/August of this year, which probably won’t be favorable.  Plus, if last week’s Florida election was any indication, then it may be too little too late.
Understanding ObamaCare
Here is some information to help you navigate Obamacare.
1 – Does your current health insurance plan need to change?
If you have a grandfathered plan your going to be able to keep your plan (as long as the health insurance company you have your grandfathered plan with allows you to do so).
If you have what they call a “transitional plan” you’ll be able to keep that plan until your renewal date in 2014. Â Once your renewal date hits in 2014, you will then be required to buy a plan that meets all of the essential health benefits.
If you buy a plan with an effective date of January 1, 2014, that plan will meet requirements.
2 – How will you pay for your health insurance in 2014?
Depending on your household income, you may be able to qualify for payment assistance that make insurance more affordable. Â The only way you can obtain assistance, is if you purchase your plan from either the state or federal exchange. Â If you buy a plan “off exchange” you will not received payment assistance or special discounts.
3 – What is the difference between on and off exchange plans?
In my opinion, the only reason you would go to either the state or federal marketplace (the government prefers this word, but it’s the fancy word for exchange) is if you qualify for payment assistance. Â If your income is over the assistance limit, then going off exchange is the way to go. Â I say this because you won’t have to prove your income, and answer all of the questions that the state and federal government require from you.
For example, here in Kentucky, Humana offers some plans that aren’t available on the state exchange. Â These plans have a more comprehensive network, then the current on exchange plans have.
4 – What type of plans are available?
Networks, co-payments, deductibles, and out of pockets differ between all the carriers. Â You must decide for yourself what is most important to you, and then work with an agent or broker (Zinser Benefit Service, Inc. would be one) who should be able to guide you to the right plan.
5 – When can you buy coverage?
The new open enrollment period for a January 1, 2014 effective date started in Oct 2013 and ends on December 23rd 2013. Â Once this date passes, you’ll have dates similar all the way up through March of 2014. Â If you miss during this time, you will have to have a qualifying event in order to enroll in a plan during 2014. Â A qualifying event would be any of the following:
- Loss of essential health coverage
- Change of family structure – gain or become a dependent because of a marriage, death, birth, or adoption of a child
- Change of citizenship status
- Government error
- Change in subsidy eligibility – so if you make more money or lose some of your income, this could trigger a qualifying event
- Move to a new coverage area – state, county, etc.
This is just a brief overview. Â I hope it helps!