Health insurance open enrollment begins November 1
MILFORD, Del. – If you can believe it, the New Year is right around the corner and that means open enrollment is too. But advisors say there are a few things people don’t realize when it comes to getting health care through the Affordable Care Act.
“There’s a lot of people out there who are uninsured, have no insurance, who don’t realize they could get it for free based on their income,” says Drew Sammons, the owner of Select Financial Group in Milford.
Open enrollment for health care starts November 1st. But before you apply, advisors say there are a few things you should know about.
“There’s probably 20,000 people or more in the state of Delaware who would qualify, for a free health insurance plan, who are currently uninsured,” says Sammons.
First, find out if you qualify for income based benefits. “So they need to talk to someone and see what their opportunities are,” says Sammons.
The second thing to figure out before you apply during open enrollment is your income for 2020. “That’s going to help them pay the closest for the approximate price of the insurance once they are enrolled,” says Sammons.
Experts admit estimating your future income can be tricky but that can be adjusted later on. “You can also modify during the year, your income estimate, if something changes and you see that you’re not accurate,” says Sammons.
If you’re still unsure about your future income, it’s best to give a higher estimate. “If you estimate high and it comes in lower you will get that money back when you file your taxes so you’re not leaving money on the table,” says Sammons.
The third thing to keep in mind is the size of your household, “You want to make sure that if you are not claiming a child that they are not part of your taxable household and on that policy where you might be receiving a tax credit.”
Finally, if you’re really uncertain about this whole process it’s best to ask for help. “It’s always better to sit down and talk to someone who can explain the plans and the different options that are available for those getting a tax,” says Sammons.
There’s one more thing keep in mind when applying for health care. If you find that your estimated income is going to be higher than you thought, look into contributing to an I.R.A. which is an individual retirement account. That money isn’t taxed and it lowers your gross income.
Open enrollment for Delaware, Maryland and Virginia goes from November 1st to December 15th.
If you need more information you can log on to healthcare.gov or call 1-800-318-2596.