Time is Running Out to Get Health Insurance Coverage

Time is Running Out Soon If You Intend to Get Health Insurance Coverage

According to officials in Washington, time is running out if you intend to get health insurance coverage for 2016. State officials have released information that you have until the end of January in order to become covered or you will be responsible for paying the $695 per adult or 2.5% income penalty. There are 13 separate insurers selling more than 148 plans through the online market for health insurance coverage. If you have not made your decision yet on healthcare coverage in St. Louis, you have a limited period of time to get coverage for the year or you'll be self-funding your own medical care costs and paying the government penalty for skipping coverage.

Many individuals may be tempted to simply compare yearly deductibles and monthly premiums while shopping, but there are many different other factors to consider. For individuals with serious medical needs who are looking at deductibles that appear to be too high, you want to ensure that your plan includes the providers you want and you want to be aware that you could actually end up paying more out of pocket for your medical needs until the coverage kicks in. Depending on the plan, your deductible could go from $500 to $6,500.

If you have not already started your research for obtaining a health insurance plan for 2016, there's never been a better time than the present. There are tools online to help you determine the most appropriate policy for you, and there are also individuals trained to help you narrow down the search for the best possible coverage. It might feel overwhelming to start looking on your own, but an outside individual who understands the system and the potential options for you. There are numerous things to consider when looking for a health insurance plan, including the deductible, whether or not the doctors you already have a relationship with are in the network, and the premiums you will pay for your St. Louis health insurance coverage.

Be aware that some plans also have separate deductible requirements in order to obtain prescription drugs. Individuals who purchased health insurance through the exchange in previous years can expect new changes with regard to the payment system. Technical glitches in the previous payment system have led to a revised program in which individuals will pay carriers directly for their health insurance coverage.

If you have more questions about the health insurance marketplace on what you can do to stay on top of your health insurance policies and expenses in 2016, stay tuned to Senior Health Solutions. We serve clients in St. Louis and throughout Missouri, Arkansas and Illinois. Call 636-244-4415 or contact us online today.

Important Information
How to enroll into Medicare
We can help you find a Medicare plan in your area to fit your needs. Once you decide on a plan we can walk you through the Medicare enrollment process.
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How much is the cost?
These are the basic costs for people with Medicare. If you want specific cost information (like whether you've met your deductible, how much you'll pay for an item or service you got, or the status of a claim)
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Do my doctors accept these plans?
Use this helpful link on the Medicare and Medicaid Services (CMS) website to find and choose Physicians and Other Healthcare Professionals enrolled in the Medicare program, as required by the Affordable Care Act (ACA) of 2010.
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What to do if you don't want a part D
If you want to drop your Medicare Prescription Drug Plan (Part D) and you don't want to join a new plan, you can do so during the Open Enrollment Period, between October 15–December 7 each year. The change goes into effect January 1 of the following year.
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Keeping your work benefits
Employer or union health coverage refers to health coverage from your, your spouse's, or other family member's current or former employer or union.
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Medicare - Advantage Plans
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
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