If your employees shop for health insurance in the individual market, it’s important to note that the end of open enrollment is approaching – fast. For 2016 coverage, the last day to enroll in a plan is next Sunday, January 31.
Here are some things to tell your employees to help them prepare for 2016:
- If you don’t enroll by January 31 you won’t be able to enroll in a plan until 2017 (the next open enrollment period begins in October) – unless you have a “qualifying life event” such as a marriage, divorce, birth/adoption of a child, etc. And if you don’t enroll, you’ll be without health insurance coverage this year.
- If you don’t have health insurance in 2016, you’ll pay a fee. The fee is $695 per adult or 2.5% of your household income – whichever is higher. Plus, you’ll pay $347.50 for any child under 18. You know that tax return you await each year? $695 will be deducted from it. Or, if you don’t have a return, you’ll owe it. Click here for more details about the fee.
- Don’t assume that the plan you chose last year is the best plan for you. It’s important to re-evaluate your options, as prices and plan details change from year to year. You may find that a different plan fits your needs or budget better in 2016. (Need some pointers on picking a plan? This recent post can help: “Should you choose a high deductible or a co-pay plan?”)
- If you were covered by a plan on the federal exchange or your state’s exchange last year, don’t assume you’ve been automatically re-enrolled. Check your plan to make sure you have adequate coverage or enroll in a different plan by January 31. If you were enrolled automatically, you still have until January 31 to update or change your coverage for 2016.
Your employees don’t have to manage their plans on their own. When your employees choose their plans through Gravie, Gravie advisors are always available to help. When it comes to enrolling, we’re here to help your employees with everything from choosing the best plan for their needs to helping them apply for government tax credits. Plus, you can give employees a chunk of money each month via Gravie to help them pay for their plans.