This year, November 1 marks the period of year when everyone can purchase individual health insurance again. It is also the time of year when many small businesses adopt repayment programs to assist employees with health insurance policies.
As employees come to ask you how to shop and purchase health insurance coverage in 2016, here are ten simple tips to help
note -. This blog is our new e-book, "Small Business Guide to open enrollment." To download the free resource here.
10 tips on buying health coverage this year
1) Medicare enrollment period this year ( "annual open enrollment") lasts from 1 November 2015 to 31 January 2016. During this time, you and your employees can select a new individual policy health insurance, change policies, or renew your current plan.
2) If you miss the annual report Join period, you may have to wait until next year to enroll in coverage, unless you have a qualifying life event.
3) Individual health insurance plans are not new, but there are new benefits, including the selection, warranty coverage, portability, and reduce costs.
4) When you apply for individual health insurance during the registration period, you must provide information about your household income and current insurance coverage. Gather the materials needed to open registration applied for quick and easy coverage. Download this free ebook for the application checklist.
5) As you shop for a health plan, understanding the standard cover categories ( "Third Party Metal") will help you choose the right health plan.
For example, if you plan to use a lot of medical services, it makes sense to choose a plan platinum or gold. Although the premium is higher, you pay less out of pocket when you receive medical care. If you do not plan to have many medical needs, consider choosing a plan or silver bronze. Although there will be more out-of-pocket costs when you need medical services, you will pay a much lower premium.
6) To select the health insurance plan right, it is also important to understand these five basic terms of insurance: premium, deductible, coinsurance, coinsurance maximum, and out-of-pocket. Click here for a reminder.
7) Still unsure about which plan is best? Working with a professional licensed health insurance. It does not cost you more money, and they are pros to help you evaluate the options.
8) to the premium tax credits provide significant savings for most Americans. In 2014, 87 percent of people who bought a health plan through the federal market run received a discount, paying only $ 82 / month on average. You are eligible for a tax credit on premiums if you meet certain conditions of income and do not have access to affordable health insurance through an employer or government program (such as Medicaid, Medicare, or CHIP) .
9) Most Americans are now required to have health insurance or pay a tax penalty if you do not. The penalty for not having "minimum essential coverage" in 2016 is either a flat fee ($ 695 for one person, up to $ 2,085 for a family) or 2.5 percent of household income, whichever is greater .
10) employers can help employees pay their premium by setting up a formal repayment plan of tax-free health care or provide a taxable sickness allowance
Bonus Tip -. While employers can help employees understand how to shop and buy a plan, and offer a repayment plan to help cover the cost of the premium, employers must not be directly involved in the selection or purchase an individual policy. Read here why.
Conclusion
More and more small business employees to shop and buy individual health insurance, it is common for employees to come to their managers for help in navigating options . Unsure where to turn for resources? human resource managers and small business owners can start with these ten tips.
What questions do you have about the open enrollment period this year, or about shopping for coverage? Leave a comment below. We would be happy to answer!
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