Obamacare Round Two: Open Enrollment Begins in 24 Days!

ASHEVILLE, N.C. - Oct. 23, 2014 - PRLog -- Starting November 15, 2014, everyone will have access to the Federal Health Insurance Marketplace and will be able to view and select health insurance plans for 2015 through Healthcare.gov. Here’s what you need to know to be ready:

The Open Enrollment Period is Limited.

Open Enrollment for Obamacare is only available from November 15, 2014 through February 15, 2015. While this may seem like a long period of time, to delay would not be wise. Failing to sign up in time may mean facing financial penalties.

Take a Second Look at Your Existing Health Insurance Plan.

While nothing may have changed in your personal life, your health insurance plan may undergo some updates for 2015. Changes could include higher or lower co payments or deductibles, or new in-network providers. Now is your opportunity to make sure you understand what your out-of-pocket costs will be in the coming year.

In addition, if your health situation has seriously changed, it may be time to look at plans offered by your health insurance company that have higher or lower levels of coverage than your existing plan. In this case, spend the time to do the math now, to determine which coverage best suits your new healthcare needs and financial situation. This will help to ensure that you will continue to enjoy the best plan offered by your health insurance company for you and your family.

The Premium You See May Not Be the Premium You Pay.

When looking at initial plan premiums for 2015, remember that the premium you see may be higher than what you will actually pay. Under Obamacare, individuals and families with incomes of less than 400% of the poverty level may qualify to receive subsidies in the form of advanced premium tax credits, to help lower the cost of insurance premiums.

Get Covered or Face Even Stiffer Penalties.

As mentioned above, there are penalties for not having health insurance coverage by the time Open Enrollment closes. Financial penalties are in place under Obamacare, in order to get as many people as possible to sign up for health care coverage, which is required to keep premiums low.

Those uninsured for more than three months in 2014 will have to pay a penalty of 1 percent of their total income or $95 per adult, whichever is higher, and $47.50 per uninsured child (up to a maximum of $285 per family) when filing their 2014 tax return.

In 2015 these penalties will increase. Based on your income, penalties for remaining uninsured more than three months are now 2 percent of your total income or $325 per adult, whichever is higher, and $162.50 per uninsured child (up to a maximum of $975 per family).

Various factors such as financial hardships and income are considered, but the penalty remains higher and stricter than in the past year. Keep in mind that if you miss Open Enrollment, you cannot sign up for insurance until next year unless you experience a certain life event that qualifies you for a special enrollment period, such as marriage, a job loss or a birth.

Those who are already on state or government medical assistance programs are not required to obtain coverage through Obamacare. Likewise, if you are covered by your employer or happy with your existing Obamacare-compliant coverage plan, you are not required purchase new insurance.

Free Enrollment Help is Available!

WNC Health Insurance helps individuals and businesses understand the Affordable Care Act, Obamacare, and health insurance enrollment. They are an available resource, whether you are enrolling in Obamacare during open enrollment, or during a special enrollment period, or need help applying for subsidized coverage. WNC Health Insurance serves as a one stop shop for individual, family, and group health insurance in North Carolina. Their store is located in Asheville. They can also help people enroll over the phone. For more information, visit: www.WNCHealthInsurance.com