KHTS Radio Santa Clarita Radio – Santa Clarita News
Many people know open enrollment begins on November 1, say Jeff and Melanie Meyer, but what does that mean for you?
Editor’s Note: Jeff and Melanie Meyer, a Thrivent financial planning team in Santa Clarita, is partnering with KHTS to simplify the national news headlines you see on a daily basis, and explain how they may or may not affect your finances. Stay on top of national news and trends with the “Jeff and Melanie Meyer Financial Planning Update.”
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What’s happening on Nov. 1?
Here are the three main things you need to know:
- Individuals and their families may apply for new health insurance, or switch to a different plan, under the Affordable Care Act (ACA), by using a Health Insurance Marketplace — now through December 15.
- If you sign up for a plan, your coverage will begin January 1, 2018.
- Using Health Insurance Marketplaces, you can compare health plans for the benefits and prices that best suite your needs.
Let’s talk deadlines.
For those who fail to meet the December 15 deadline, California has a special extended deadline of Jan. 31, 2018.
If you miss your deadline extension, however, the only way to enroll in a Marketplace health plan is by qualifying for a special enrollment period, explained Jeff and Melanie Meyer. These special, 60-day enrollment periods come after specific life events. For example, qualifying life events include: a change in family status, including marriage or the birth of a child; loss of your other health coverage; or receiving a new job-based plan, which must provide a special enrollment period of 30 days.
Without one of these special life events, you must wait for an open enrollment period to shop the Marketplace.
They’re changing the rules on open enrollment.
The Department of Health and Human Services has made a few changes to future open enrollment periods, explained Jeff and Melanie Meyer. These changes are effective for 2018. Here’s what you need to know:
- This open enrollment period is shorter than usual, with a 45-day run, as opposed to the 3-month open enrollment periods of years prior.
- If you want to use take advantage of a special enrollment period in the future, you will now need to provide documentation of your life event; previously, you merely needed to attest to changing circumstances.
- In light of these regulations, California and other states have elected to extend open enrollment. Their extended deadlines are as follows: California (1/31/2018); Colorado (1/12/2018); District of Columbia (1/31/2018); Massachusetts (1/23/2018); Minnesota (1/14/2018); New York (1/31/2018); Rhode Island (12/31/2017); and Washington (1/15/2018).
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There are more changes to the ACA.
The Trump administration has made some significant changes to the ACA, explained Jeff and Melanie Meyer. Let’s break it down:
- Before you enroll in a new plan, the insurer is now permitted to collect unpaid premiums for prior health insurance coverage; however, they are not required to do this.
- The percent of your covered medical costs may vary to a wider degree. Stay with me on this one. Plans are identified by category — bronze, silver, gold and platinum — based on the amount of coverage offered and the plan cost. In the past, a silver plan was designed to cover at least 70% of a typical person’s medical expenses, yet plans could vary by 2%. The new regulation expands the coverage variation, so a silver plan can cover between 66% and 72% of an individual’s medical costs.
- Employers can now choose not to require birth control coverage in health insurance plans, based on sincerely held religious beliefs or moral convictions. Employers that do not provide coverage only need to notify their employees of their decision.
- Mr. Trump has indicated that the federal government will cease making cost-sharing reduction payments to insurers, which reimburse them for discounts they give policyholders with incomes under 250% of the federal poverty level. However, attempts to extend funding by congressional action are being considered.
Are more changes coming?
“The situation regarding health care, particularly the ACA, is very fluid and changing,” say Jeff and Melanie Meyer, a results-oriented team of financial planners in Santa Clarita. “Attempts to repeal and replace the ACA have failed to date.”
Via executive order, Mr. Trump has outlined plans to: allow access to association health plans, where small businesses and individuals can group together to buy plans across state lines; expand short-term limited duration health insurance not subject to ACA benefit requirements; and expand the use of health reimbursement arrangements (HRAs) by employers to provide workers with tax-free funds to pay for health-care costs, primarily deductibles and copays. Whether and how these proposals come to fruition remains to be seen.
For more information about changes to health care, and how they may affect your Santa Clarita financial planning efforts, please contact Jeff and Melanie Meyer of Thrivent Financial.
Ed. Note: This article is a KHTS Community Spotlight based on information from the Jeff and Melanie Meyer Thrivent Financial Office.
About the Jeff and Melanie Meyer Thrivent Financial Office
Jeff and Melanie Meyer of Thrivent Financial provide financial planning in Santa Clarita from their Valencia office. With customized Santa Clarita financial planning, Jeff Meyer and Melanie Meyer can help you live generously — so you have enough for your family and enough to support charitable giving in the Santa Clarita community. Wealth management is key to building the financial future you’re dreaming of, and Jeff and Melanie Meyer’s Thrivent Office offers the guidance you need for business planning, financial education, 401k planning, IRA planning, life insurance, retirement planning, retirement distribution, personal finance planning, investment advice and any other longterm financial planning you need. For all your Santa Clarita financial planning needs, contact Jeff and Melanie Meyer, a results-oriented team of financial planners in Santa Clarita, to setup your complimentary consultation.
Jeff and Melanie Meyer of Thrivent Financial
25350 Magic Mountain Pkwy,
Valencia, CA 91355
(661) 799-0230
connect.thrivent.com/pathway-financial-group/
pathwayfinancialgroup@thrivent.com
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