Affordable Healthcare Act Deadline is Quickly Appoaching.
By: Mary Thompson (Capstone Brokerage, President) December 2013
With the Original Insurance Exchange deadline a week away and the new deadline a little over two weeks away the time has come to try and navigate through the healthcare website, if you haven’t already done so. Many people are still reporting glitches, long page times and error codes making the experience stressful and even more confusing. It is expected that as we get closer to the deadline, enrollment may take even longer.
Be sure to gather your paperwork including your financials such income statements, prior years tax returns, pay stubs etc. Although the new insurance application process no longer requires a health history it now requires more personal financial information so having these documents ready will make filling out the forms easier.
Once you have gathered all this information it is now time to fill out the application. If you are one of the many Americans that are confused or just would like some assistance registering, consider taking advantage of a licensed insurance agent. They can provide free assistance with getting quotes, answering questions and ultimately enroll you on the Agent Portal with the exchange. Here are a couple resources to get assistance enrolling: Capstone Brokerage (702) 579-2250 or request a quote online here.
If you decide to brave the website alone to register be prepared to set a chunk of time aside. It has been reported to to take up to 2 hours to get through the actual application process on your own. The good news is you will only have to fill out one application, which is then used to help determine any tax credits, subsidies, and plan designs that you are eligible for, as well as your cost.
Once the application is complete you are now able to view different plans and compare what is available to determine which is right for you. This is often the step that takes the most time, and where we really can make it easier and can be helpful. Plans are categorized by “metallic tiers” if you have been following our healthcare reform posts you may remember this explanation if not visit Robert Pusateri’s Healthcare Reform Post. Understanding the different levels of coverage will help to narrow down what tier you are interested in and which one will fit your needs.
The final part of this registration process is premium payment. This has received some news coverage so you may or may not be familiar with different payment options offered by each carrier. The state exchanges are sending customers to the insurance carriers website to make payment. Each carrier has set their own deadline to pay premiums. Some are requiring immediate payment in full, some a percentage down and others will simply mail you a statement. It is also very smart to contact the insurance company once you have completed the process to be sure everything is in order and the payment is accepted. There are still some back-end issues related to transmitting information to the insurance companies.
If you think that the website is going to be like booking a vacation or opening a credit card account, it is not. Many Americans will be navigating their own healthcare coverage for the first time, making the process seem daunting. It will get easier as the kinks are worked. In the mean time it is recommended to utilize the expertise of a licensed agent.
