health insurance
- Prior to April 1, 2017, may be issued for longer periods of time so long as the length of coverage does not extend beyond December 31, 2017.
- On or after April 1, 2017, must be limited in duration to periods of less than three months, and that duration includes any renewed coverage.
The open enrollment period (OEP) in the individual market will begin on November 1, 2015 and end on January 31, 2016.
During this time period, just about anyone can enroll or make plan changes to coverage in the individual market.
Here are some helpful reminders as the OEP approaches:
Who is eligible for a subsidy?
There are a number of factors that affect eligibility or can disqualify an individual for a subsidy, such as:
On October 1, 2015, the medical industry launched ICD-10 in the U.S. ICD-10, which stands for the International Classification of Diseases, 10th revision, is a medical classification system adopted by the World Health Organization (WHO). Simply put, it’s an international coding system that requires physicians, hospitals and other medical providers to assign a unique number for every patient disease, diagnosis, abnormal finding, cause of injury, etc.
The IRS has released the maximum penalties that are payable by individuals who are without minimum essential coverage in 2015 and who do not qualify for an exemption from the Individual Mandate.
The maximum penalties for this year are the greater of:
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$325 per uninsured adult or $162.50 per uninsured child under age 18. The maximum penalty using this method is capped at $975.