Plan ahead to change enrollment
It’s generally only possible to sign up for a plan in the Health Insurance Marketplace during the annual open enrollment period. The next open enrollment period will run from Nov. 1, 2016, through Jan. 31, 2017. If you would like to add or drop insurance, or adjust the coverage you have, the open enrollment period is the time to do it. If you qualify for Medicaid or the Children’s Health Insurance Program (CHIP), however, you can enroll in those programs at any time. In addition, if you experience certain life events, such as getting married, having a baby, or losing other health coverage, you may qualify for a special enrollment period to change or add insurance through the marketplace. If you buy coverage through the Health Insurance Marketplace and you have qualifying changes in circumstances, the special enrollment period will run for 60 days after the life events (such as changes in family status or loss of other health care coverage) occur. If you are expecting a change in circumstances and you’d like to change your enrollment status, plan ahead to be sure you can qualify for and make the adjustments you need.
Avoid penalties
If you don’t have what’s considered minimal essential health insurance coverage and you don’t qualify for an exemption from coverage that’s available under certain circumstances, you’ll have to pay a penalty when you file your tax return. There are many benefits of having peace of mind about your health care coverage, and the assurance that you won’t face stiff penalties for failure to have insurance is one of them.
Your CPA can help
If you have any questions about your health care coverage requirements and options, be sure to consult your local CPA. He or she can provide the advice you need regarding all your financial concerns. For more tips on health insurance, visit www.picpa.org/moneyandlife.
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