Affordable Care Act
Insurance Renewal May Help you Qualify for New Healthcare
Published on May 16, 2014
September 15, 2014: We have published an updated version of this article here.
Your health coverage may change due to the Affordable Care Act (ACA). Instead of automatically renewing at the end of the policy year, the insurance company could switch your policy to an ACA qualified health plan or terminate your coverage. If this happens and leaves you without minimum essential coverage, you can shop for a new plan without waiting for the next Open Enrollment Period.
You’ll have a 60-day Special Enrollment Period (SEP) because of your “qualifying life event.” When you apply for health care, you can select “loss of coverage” as your qualifying event.
For plans that are being terminated, some carriers are allowing you to start shopping for a new plan prior to the actual termination date (this time period varies from 30 to 60 days prior to termination, depending on the carrier) and after the actual termination date (which also varies from 30 days to 60 days). It’s important to shop early to avoid a gap in coverage. More details available on eHealth’s action plan tool.
By applying during the SEP, you can avoid a tax penalty next year for going without health coverage. You could even qualify for a government subsidy to pay for your health plan. And you don’t have to wait until the next Open Enrollment Period to get the full range of plan options.
At eHealth, your health insurance is important to us. That’s why we put together the information you need to know based on your insurance company and the state you live in.
Get prepared with eHealth’s action plan tool, based on your insurance company and the state you live in.