Thursday, March 27, 2014

Individual Health Care Insurance Update

The individual medical insurance and Marketplace (Exchange) 2014 annual open enrollment period is ending 3/31/14. Applicants who are eligible for a premium tax credit/subsidy have to apply to the Marketplace by 3/31/14 for a 5/1/14 effective date. The last date to apply during open enrollment this year is 3/31/14. Payment must be received by 4/30/14.

BCBS applicants not eligible for a premium tax credit/subsidy (off-Marketplace) must apply by 3/31/14 for a 4/15/14 or 5/1/14 effective date. The last date to apply at open enrollment this year off-Marketplace is 3/31/14. Payment must be received by the 4/30/14.

The next annual open enrollment period for individual insurance on and off the Marketplace is November 15, 2014 - February 15, 2015 (meaning January 1, February 1 or March 1 effective dates).
See the link below from regarding qualifying life events (QLEs) which create a ‘special enrollment period’ and allow people to enroll outside the individual medical annual enrollment period.

Please note that individuals will not be able to enroll on an individual policy if they are voluntarily coming off their group insurance (at the group’s open enrollment) UNLESS the group’s open enrollment period coincides with the individual medical insurance open enrollment period or they have a QLE. If someone has a QLE they will have 60 days from the date of the QLE to enroll on an individual medical/Marketplace plan.

Lastly, here is some information about COBRA and open enrollment from Note that once someone is on COBRA, they can’t drop COBRA early and then get an individual or Marketplace plan unless it is during the individual medical annual open enrollment. Once their COBRA period ends, they will have a QLE to get individual coverage.

If your business has employees who become eligible for COBRA, you can give them the attached flyer and they can contact our individual health benefit consultant, Peggy Murphy. She can help them compare COBRA to individual insurance as well as assist in determining if they might be eligible for a premium tax credit. Avoiding COBRA/NC State Continuation enrollments can help your business reduce medical claims.

Please contact Peggy Murphy at 336-346-1320 with any questions about this information.


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