By Mahari A. McTier
For anyone wanting health insurance for 2015 through Obamacare they must apply for coverage during the Open Enrollment period from November 15, 2014 to February 15, 2015. The Marketplace provides affordable private health insurance with savings based on income. Plans cover essential health benefits, pre-existing conditions, and preventive care. The Marketplace application also doubles as an application for Medicaid and Children’s Health Insurance Program (CHIP) and if eligible could provide free insurance.
If you choose to go uninsured for 2015 the fine has been increased from that of 2014. The fee will be whichever is greater of these two, 2 percent of your income or $325 per adult and $162.50 per child.
The second Obamacare open-enrollment period is now underway and nine out of 10 uninsured Americans are still in the dark about the means through which they can receive coverage, according to a poll released by the Kaiser Family Foundation.
Researchers polled more than 1,500 people via phone earlier this month and found that two-thirds knew “only a little” or “nothing at all” about the Obamacare insurance exchanges where they can buy health plans. More than half of the respondents also said they didn’t know that subsidies were available to those with moderate or low incomes.
“The No. 1 barrier to enrollment continues to be lack of knowledge about financial help being available,” Maria Watkins, for Unified Brokers for ACA/Obamacare, a Birmingham-based Insurance Agency that helps Americans sign up for health insurance. “Our research shows that while the remaining uninsured may be harder to reach, they aren’t harder to convince once they know the facts. Many just don’t know what’s available or understand how affordable plans can be.”
A continuous effort this year will be made to educate individuals who are seeking to obtain affordable healthcare. This year, federal health care officials have shifted the focus to the subsidies available to consumers as part of an effort to alleviate concerns about insurance costs among middle and lower income Americans. Goals this year include renewing plans for those who signed up last year and enrolling 10 million uninsured people.
I encourage everyone to get educated, informed, and enrolled! There are several local resources that can assist you with your enrollment questions. One local resource is Unified Brokers for ACA/Obamacare (877-213-2400).
(Mahari A. McTier is a Financial Advisor with Tier 1 Advisors, LLC and can be reached at maharimctier.tier1@gmail.com.)
