Open enrollment for healthcare begins Tuesday
JACKSONVILLE, Fla. – Open enrollment for healthcare kicks off Tuesday. If you don’t get insurance through your job, you’ll need to register through the government exchange program to avoid a hefty tax penalty.
Increasing premiums have been getting the bulk of the headlines but local health insurance agents warn that two major insurance companies are terminating their Medicare and Affordable Care Act Exchange plans.
JMA Insurance Professionals says the change could impact thousands in North Florida. They say people affected by this will receive written notification indicating the change, if they haven't already.
They say for Medicare recipients, Aetna is terminating the HMO product. They also say Coventry
is terminating that product, so anyone who still wants it, will need to sign up for a whole new product.
If you don't take action, they say those people will be reverted back to original Medicare, which could mean higher medical costs.
For ACA marketplace exchanges, they say those people will be assigned to an existing Exchange plan, but that coverage won't begin until the person submits a binder payment.
So they the best step going forward is reaching out to a health insurance agent.
One financial planner, not associated with JMA Insurance Professionals, says she's heard concern from some clients about the changes, particularly with the ACA marketplace exchange.
"Our healthcare system is so complicated, and the fact that, they get on a plan and they don't feel like jumping from plan to plan every year. It's very frustrating. So, yes they're concerned and it's more from a cost standpoint and from a hassle standpoint,” said Dr. McClanahan.
She says it's not a bad idea to get in touch with your doctor to learn more about which insurance companies work well with their office. Open Enrollment runs from now until the end of January.
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