Health Insurance Co-Ops help to squeeze premiums

I can offer you a quote with a Co-op Health Insurance Company. We are a GA with inHealth Company.  We can run an Individual or Small group Health quote with this company.  What a great way to save money and still be ACA complaint.  Call me for a quote and see how much you can save.


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What are the Out-of-Pocket limits for 2015?

For 2015, please be aware that there will two different out-of-pocket limits.

  

Overall Out-of-Pocket Limits:

  

There is an overall cost-sharing limitation to all non-grandfathered group health plans, as provided in HHS Reg. § 156.130(a); PPACA; Standards Related to Essential Health Benefits, Actuarial Value, and Accreditation, 45 CFR Parts 147, 155, and 156, 78 Fed. Reg. 12834, 12837 (Feb. 25, 2013).

The overall cost-sharing limits for plan years beginning in 2014 are the same as the maximum out-of-pocket expense limits for self-only and family coverage for HSA-compatible high-deductible health plans (HDHPs) for taxable years beginning in 2014 , as provided in PPACA, Pub. L. No. 111-148, § 1302(c)(1)(A) (2010). 

For 2014, these limits are $6,350 for self-only coverage and $12,700 for family coverage. The limits for 2015 are $6,600 for self-only coverage and $13,200 for other than self-only coverage, as provided in PPACA; HHS Notice of Benefit and Payment Parameters for 2015, 45 CFR Parts 144, 147, 153, 155, and 156, 79 Fed. Reg. 13743, 13802 (Mar. 11, 2014). 

For a plan year beginning in a calendar year after 2014, the cost-sharing limit for self-only coverage is the amount for self-only coverage for plan years beginning in 2014, increased by an index amount equal to the product of that amount and the "premium adjustment percentage" for the calendar year. For coverage other than self-only coverage, the cost sharing limit for a plan year beginning in a calendar year after 2014 is twice the amount for self-only coverage.  The premium adjustment percentage for a calendar year is the percentage by which the average per capita premium for health insurance coverage in the United States for the preceding calendar year (as estimated by HHS by October 1 of the preceding calendar year) exceeds the average per capita premium for 2013 (as determined by HHS).

Out-of-Pocket Limits for HDHP Coverage for HSA Contributions

For 2015, the out-of- pocket limits for a High Deductible Health Plans (HDHP) to be eligible to contribute to a Health Savings Accounts will be different.  Under Revenue Procedure 2014-30, the IRS indicated that the 2015 maximum limit on out-of-pocket expenses (including items such as deductibles, co-payments, and co-insurance, but not premiums) for self-only HDHP coverage is $6,450 (a $100 increase from 2014), and the limit for family HDHP coverage is $12,900 (a $200 increase from 2014). 

IRS Announces HSA Contribution & Coverage Limits for 2015

IRS has just issued Revenue Procedure 2014-30, which provides the 2015 cost-of-living contribution and coverage adjustments for HSAs, as required under Code Section 223(g).  The annual contribution limits, the annual out-of-pocket limits and the annual deductible limits have all been increased for 2015.  

 

Annual HSA Contribution Amounts

 

2014   2015         Coverage Levels

 

$3,300   $3,350   Individual 

 

$6,550   $6,650   Family

 

$1,000   $1,000   Catch-up 

 

Annual Maximum Out-Of-Pocket Limits for HDHP

  

2014   2015       Coverage Levels

 

$6,350   $6,450  Individual

 

$12,700 $12,900 Family 
 

Annual Minimum Deductible Amount Limits for HDHP

  

2014   2015        Coverage Levels

 

$1,250  $1,300 Individual

  

$2,500   $2,600  Family

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When is the next PPACA Open Enrollment?

The 2015 Open Enrollment Period begins on November 15, 2014, and will last through February 15, 2015. The earliest effective date of coverage for the initial Open Enrollment will be Janaury 1, 2015. Applications with the required premium received before the 15th of the month will be effective the first day of the following month. Applications with required premium received after the 15th of the month will be effective the first day of the month plus one additional month.  For example, if your application and required premium are received on or before December 15th, the effective date will be January 1st (the earliest effective date for the initial Open Enrollment); if your application and required premium are received on December 20th, the effective date will be February 1st.

Applications must be received during the Open Enrollment Period.

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For help with those high out-of-pocket costs-Supplemental Coverage

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Open Enrollment Period

Open Enrollment is the period of time during which individuals who are eligible to enroll in a Qualified health Plan can enroll in a plan in the Marketplace.  For 2014 coverage, the Open Enrollment period ended march 31, 2014.  The Open Enrollment period for 2015 coverage is November 15, 2014 to February 15, 2015.  Individuals may also qualify for Special Enrollment Periods outside of Open Enrollment if they experience certain events.

A Special Enrollment Period is a time outside of this Open Enrollment period during which you and your family have a right to sign up for health coverage.  In the Marketplace, you generally qualify for a special enrollment period of 60 days following certain life events that involve a change in family status (for example marriage or birth of a child) or loss of other health coverage.  If you don't have a special enrollment period, you can't buy insurance until the next Open Enrollment period.  Job-based plans generally allow special enrollment periods of 30 days.

You will be eligible for a Short Term policy during this period, but understand that you will still have a possibility of a penalty at the end of the year because these policies are not ACA compliant.