1. October 1, 2017, to December 15, 2017, is the Annual Open Enrollment time. If you wait until 12/16/2017 you cannot enroll unless you have a Special Election Period (SEP). There are three distinct enrollment times for everyone. All Off and On Marketplace plans terminate effective 12/31/2017. Auto-renewal for 01/01/2018 will be done if the consumer does nothing.
2. October 1, 2017, to December 15, 2017, is the annual enrollment period for Off Marketplace consumers. If your adjusted gross income (AGI) or your modified adjusted gross income (MAGI) exceeds 400% of the Federal Poverty Level for 2018 (FPL) you may enroll in the same plan or a different plan.
If you do nothing you will be auto-renewed. The problem with auto-renewal is you gave up the option to change to a better plan or less expensive plan to meet your current needs.
4. November 1, 2017, to December 15, 2017, is the open enrollment for On Marketplace consumers. If your AGI is between 100% to 400% of the FPL this is your time to enroll or change plans. If you do nothing the Marketplace will renew your plan without your consent. It is important to have a needs assessment done to guide the consumer with the best plan that meets one’s needs. Anyone trying to enroll after 12/16/2017 must have a SEP or wait until 4th quarter 2018 to enroll. It is likely that there will still be penalties when you file the 2018 tax return in 2019 for consumers that did not enroll in health insurance and lack “credible coverage”. The IRS will collect penalties when you file a tax return.
Please feel free to contact me for a free consultation or enrollment in health insurance. Finest Regards, Tom Walyus, 407-766-4780