The Affordable Care Act has changed the way Americans shop for health insurance. The Open Enrollment period for the Health Insurance Marketplace began on November 1, 2015.
This was the first day individuals could enroll in a 2016 insurance plan through the federal marketplace. This coverage will begin on January 1, 2016.
The following dates are important to consider when evaluating your health insurance options for 2016. If you have any questions, please contact our team at Kincaid Insurance.
Open Enrollment Dates for Health Insurance
There are a number of reasons to consider purchasing health coverage through the marketplace, including:
- Employer is unable to provide coverage at an affordable rate
- Comparison of current plan to possible future plan
If you’re considering changing your health care plan or enrolling in a 2016 plan, you need to do so by January 31, 2016 unless you meet the qualifications for a Special Enrollment Period. Here are a few other key Open Enrollment dates:
- December 15, 2015 is the final day to change plans or enroll in a new plan for different coverage that begins on January 1, 2016.
- Open Enrollment ends on January 31, 2016. Changes or enrollments that occur between January 16-31 will take effect on March 1, 2016.
- January 15, 2016 is the last day to switch or enroll in plans for new coverage that begins on February 1, 2016.
Self-Funded Health Insurance Plans
Employers have offered fully-insured policies to their employees for years. However, changes to health coverage has made offering fully-insured policies difficult for many business owners.
Self-funded health insurance plans, also referred to as Administrative Service Only (ASO), are another option for employers who want to be able to offer health insurance to their employees despite the rising costs. The employer essentially provides health or disability benefits to their workers with its own resources. This means that the employer takes direct risk for payment of claims for the plan.
To minimize the financial liability of these self-funded claims, the employer purchases stop loss insurance from an insurance provider.
Consider a Self-Funded Plan
The independent insurance agents at Kincaid Insurance have experience with helping employers create self-funded health insurance plans. Our agents can work with you to navigate this process.
Our office is headquartered in Rockport, Indiana. We work with business owners through the Indiana, Illinois, and Kentucky Tri-State area in cities including: Evansville, Jasper, Mt. Vernon, Newburgh, Louisville, and Owensboro. Contact Kincaid Insurance at 1-877-888-5506. Our independent insurance agents will help you assess affordable ways to provide health insurance and benefits to your employees through a self-funded insurance plan.Request a Free Quote