15
FEB
2015

HEALTH INSURANCE FOR 2015 – STILL A REALITY!

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“OBAMACARE” OPEN ENROLLMENT PERIOD – DEADLINE PASSED ON FEBRUARY 15TH

Now that we are past the open enrollment period you may feel that you are stuck without insurance for another year. If you know of someone who overlooked getting health insurance and now discover they had to pay a tax penalty as they prepare their 2014 Federal taxes, there is still hope for them.

SPECIAL ELECTION PERIOD FOR UNINSURED AMERICANS – MARCH 15TH TO APRIL 30TH.

Yes, there is a new special enrollment period (SEP) for people who do not yet have health insurance. As people are filing their 2014 taxes, some are discovering the impact of the tax penalty for not having health insurance. And are now realizing that the tax penalty will be even higher in 2015. For most people, the penalty was 1% of their adjusted gross income (AGI) for 2014. For 2015 it will be 2% of their AGI. That can be a significant amount of money for the privilege of not having insurance. The Marketplace chose to give the uninsured another chance to enroll for health insurance between March 15 – April 30th. This applies only to the uninsured.

WHY DO I NEED HEALTH INSURANCE?

While many of the uninsured claim they don’t need it because they are very healthy, the truth is you never know when you will need to visit an emergency room or be admitted to a hospital. I have two very healthy clients who said they would go without insurance until they age into Medicare later this year, only to change their minds after their doctor gave them a serious diagnosis. Also, one major health insurance carrier stated in 2009 that 72% of their claims were due to accidents.

The real purpose of health insurance is asset protection. No one would pay hundreds of dollars a month just to see a doctor every now and then. Most are unaware of the vastly inflated costs of hospitals. In 2014 my own personal health insurance policy saved my family over $182,000! That’s the real purpose of health insurance.

I DON’T HAVE HEALTH INSURANCE. WHAT DO I NEED TO DO?

If you don’t have health insurance you will find it much easier to work with a broker than to try to select a plan yourself on Healthcare.gov. I write all of the major health insurance companies, so I can help you determine the best plan for your needs. It doesn’t cost you a penny extra to work with me vs. trying to do this yourself and I will take away many of the headaches that the website can give you. It will save you time, and you may find that I direct you to a better plan for your needs that costs less. Remember, the deadline is April 30th to submit an application if you currently do not have health insurance. So if you know someone talking about having to get insurance, or having to pay a tax penalty for not having insurance, please forward this email to them and ask them to call me at 813-929-1150 or email paul@wavrock.com

I DIDN’T HAVE HEALTH INSURANCE IN 2014. WHAT DO I NEED TO DO TO GET COVERAGE?

This is the ideal time to contact me to see if (1) you qualify for a subsidy to help pay for the cost of your health insurance and (2) to see which of the many health insurance options would best serve your needs. There are potentially large subsidies available for people in certain income ranges. In addition, there is also help in reducing your deductible and maximum out of pocket limit within certain income ranges. Our firm can guide you through all of these considerations so you get the best value for your health insurance dollar. Our clients received hundreds of thousands of dollars in subsidies in 2014. Several clients got their health insurance policy for less than $50 a month! Call 813-929-1150 or email paul@wavrock.com to see if you get a subsidy and cost sharing assistance.

I ALREADY ENROLLED IN A PLAN FOR 2015, BUT I DON’T LIKE IT!

Unfortunately, you will have to wait until the next open enrollment period of Nov 1st – Jan 31st to make a change. This new SEP is only for the uninsured.

I welcome you to share this information with your family, friends and coworkers! If I can help you with your health insurance needs, please contact me at 813-929-1150 or paul@wavrock.com

Paul Wavrock
About the Author
Paul Wavrock is the founder of Heath Insurance of Florida, a full service Health Insurance brokerage firm, that utilizes several major National and local Insurance providers to assist its clients and their insurance needs.