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5 Things You Need To Know Before You Let Your Health Insurance Automatically Renew.

5 Things You Need To Know Before You Let Your Health Insurance Automatically Renew.

Remember back a few years ago when the only thing you worried about in November and December was the holiday season. Courtesy of the Affordable Care Act you now have to make decisions for you and your family about your health insurance.

Open Enrollment For the 2016 Year Begins November 1st and End’s January 31st 2016

I bought health insurance last year won’t if just automatically renew? Yep if you bought health insurance last year it will renew automatically as long as you continue to pay the premiums.

5 things you need to know before you let your health insurance automatically renew.

  1. Your insurers network of providers may have changed: which mean your doctors, pharmacies or dentist may no longer be an in-network provider.  The insurance companies renegotiate their contracts with the providers every year and often there are changes.
  2. Your premiums probably went up: The ACA is a new law, and   because health insurance companies have to take anyone who wants to sign up for their plans,  this has caused a lot of upheaval in the marketplace. The companies are still trying to figure out how to price the product so they can pay the health bills as they come in. Hence we have seen a lot of up and down in pricing from the insurers. You really need to shop your health insurance to make sure you are still getting the best price for the product that fits you.
  3. I don’t want the government to know what I make. If you file taxes they already know what you make.  In fact you cannot get the the premium tax credit or the cost sharing for deductibles and co-pays if you do not file your tax return. Three out of four Oregonians are eligible for financial help to pay for their health insurance. You can make as much as $47,000 a year or less and be qualified for the tax credit to help your pay your premiums and get cost sharing.  A family of 4 can make as much as $97,000 a year and still get financial help.
  4. Why Use Bancorp Insurance When You Can Do It Yourself on-line.?
    • My health insurance team does health insurance everyday we know the product and the carriers.
    • Costs you nothing.  The price of your health insurance policy is the same whether you do it yourself or you let one of our health insurance professionals walk you through it and answer your questions along the way . The insurance carrier pays me a flat fee or a commission depending on their contract with my agency it does not get added to your premium.
    • We can help streamline your decision making process  by just asking you a few questions about how you use your health insurance and what type of coverage and price you need to work for you. When you do something over and over again you get a feel real quick which health insurer and which plan will fit that person’s needs.
  5. You have been waiting on the side lines and still have not purchased health insurance. Now is the time to buy health insurance  during open enrollment. If you miss the January 31st 2016 deadline you will have to wait another year and may need to pay the penalty on your 2016 taxes.  The penalty for not having health insurance is 2.5% of your families annual household income, or $695 per adult, plus $347.50 per child up to the age of 18, which ever it greater.
Call 800-452-6826 and ask for one of our health insurance specialist Cheri, Patti, or Valerie .

Have a great day.

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