Wood River Insurance Blog

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Healthcare Update

Update – 2016 Upcoming View

Which category do you fall into?

The Uninsured: Do you have to buy health insurance?
It’s your choice. But keep in mind that Federal law now requires most Americans 18 and older to have health insurance or pay a penalty. If you choose not to purchase a health insurance plan with basic minimum standards of coverage you could face a penalty, known as the individual responsibility payment. In 2016, the payment is the greater of 2.5% of income over the filing threshold, or $695 per person ($347.50 per child under 18). After 2016, the payment is adjusted for inflation.

The Insured with tax credit and/or subsidies:
If you received a tax credit in 2015, here is what you can expect over the next few months:

  1. Tax Credit Recalculated for 2016 (August-September) In August, the Idaho Department of Health and Welfare (DHW) will send you a notice asking you to report any changes that may impact your tax credit. If DHW needs additional information, they will send you a form to complete or ask you to submit materials verifying your information. Note: DHW will not ask you for any banking information or your social security number. 

  2. Notice of Tax Credit and Plan Changes (October) DHW will send you information about your new 2016 tax credit. Watch your mailbox! Your health insurance company will also send you a letter outlining any changes to your current coverage for the upcoming year. If you want to see what other health insurance plans are being sold on the exchange, starting October 1, you can browse plans anonymously to learn more about your coverage options. 

  3. Review and Shop (November) Beginning November 1, you can log into Your Health Idaho to review information on your health insurance plan and 2016 tax credit. If you like, you can also shop for a new health insurance plan. You have until December 15, 2015 to select a different health insurance plan. 

  4. Plan Selection (December) If you do not make any changes to your account, you will auto-matically be re-enrolled in your health insurance plan for 2016. If you want to select a different health insurance plan, please be sure to make those changes before December 15, 2015.

The Insured with No Tax Credit:
In most cases, you will be automatically renewed in your existing plan or a similar plan for 2016 and no action is required. Here is what you can expect over the next few months:

  1. Plan Changes (October) Watch your mailbox for information from your health insurance company about any changes to your health insurance plan for 2016. If you want to see what other health insurance plans are being sold on the exchange, you can browse plans anonymously starting October 1, 2015 to learn more about your coverage options. 

  2. Review and Shop (November) On November 1, you can log into Your Health Idaho to review information on your 2016 health insurance plan. Or contact Rhiana at 788-1100 if you purchased direct with the carrier. If you like, you can also shop for a new health insurance plan. You have until December 15, 2015 to select a different health insurance plan. 

  3. Renew (December) If you do not make any changes to your account, you will automatically be re-enrolled in your same health insurance plan for 2016. Remember to check with your health insurance company to see if your plan options have changed for 2016. If you want to select a different plan, please be sure to make those changes before December 15, 2015.

For help, please call Rhiana at WRI to review the upcoming year and get assistance in selecting the proper plan!