Open Enrollment - Again

Sometimes it can be confusing when one term has multiple meanings. Open registration is one such term.

In the past, open registrations were the time to enroll in the work rewards plan offered at the place you worked. The registration period opens, in this case, is 30 days immediately prior to the date of renewal of the relevant employee benefits plan. If coverage is denied, this will be the time to register, usually without having to prove insurability.

Then a few years ago, open registrations became an important term for those covered by Medicare. In this case, the term means the timeframe that the individual covered Medicare may register or make changes to their current Medicare supplement insurance plan. The open registration period runs from 15 October to 7 December every calendar year.

And now the third open registration period has been introduced for the last few years. This is an open registration period for individual markets established by Obamacare. And that the registration period is openly running from November 15th to February 15th next year. This is the time that individuals can shop, determine eligibility for subsidies and enroll in health plans at Healthcare.gov. This open registration period is also a time that previously uninsured individuals can apply for outside coverage of the market in their own chosen insurance plan.

Along with individual markets, Obamacare also set up the market for small businesses to shop for health insurance. In fact, it's called a shop (Small Business Health Options Plan).

Some important things to remember about individual markets and the current store plans offered are:

1. Regardless of how it is being presented. Options on the market are much more limited than in the open market through an insurance broker. This applies to individual plans as well as group plans for small employers.

2. The only reason to buy a plan through the market is if you qualify to receive subsidies to help pay the premium. And this is a good reason, but not everyone will qualify for subsidies. It is based on family income and is essentially a tax credit that is passed on to those who qualify. You finish at tax time. If you're overpaid, you'll need to repay your subsidy.

Plans are off and on an identical exchange. And the options in the market are very limited compared to the plans available from exchanges.

3. The only reason for a small business to buy a plan inside the store is if they can receive tax credits. Again, in-store plans are very limited. In some countries, only one insurance company even sells plans in the store... What kind of choice is that?

4. The most important point to be made about all of these health reform issues is that you should always seek advice from an independent insurance broker that qualifies by education, experience and properly licensed to guide you or Your business through the decisions you need to make for your health insurance needs.

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