Faith A. Bratlie – Insurance Broker

Health Insurance

(As of 2019, about 92 percent of people in the U.S. had some form of health insurance. However, when life changes unexpectedly, you may need to modify your health insurance plan to ensure it suits your needs and circumstances. The good news is that you do not have to wait for the Open Enrollment Period to make changes to your health plan. So what are some qualifying life events for health insurance change?

Here’s what to know.

Affordable Care Act (Obamacare or The Marketplace)

Health Insurance Marketplace — also known as the Affordable Care Act (ACA) or Obamacare — is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. Each year the Marketplace has an open enrollment period that begins on November 1st and ends on December 15th. This is not the only time that people can enroll into coverage. There are other instances where if you have a Special Enrollment Period (SEP) then you can enroll in coverage during the middle of the year as well. Some of the SEP’s are moving outside of the coverage area, divorce, having a baby, and losing employer group coverage or other qualifying medical coverage including Medicaid.

In addition to the federally-facilitated Marketplace, HealthCare.gov, there are also state-based Marketplaces. Whether you use the federally-facilitated Marketplace or a state-based Marketplace depends on the state in which you live.

What is a qualified life event?

A qualified life event is an event that happens in your life that allows you the ability to gain health insurance whether it be through the ACA/Obamacare, Employer Health Coverage or Medicare.

What are the qualified life events for individual health insurance?

  • Significant change in income
  • Becoming a citizen
  • Having a baby
  • Getting married
  • Moving outside of your coverage or service area
  • Losing creditable coverage
  • Release from incarceration or jail
  • Retirement

This list is not an extensive list and may be missing some of the exceptions.

At the end of the day consulting with an agent or broker that can help you navigate through the individual health insurance exchange, whether it be the qualifying events, tax subsidies, and plans in your area is important for your health and your financial representation. Faith Insurance Solution is a proud partner of HST (Healthcare Solutions Team) and National General, which is now formally known as Allstate.

Off Exchange Health Insurance

As the insurance carriers are getting more familiar with the federal healthcare exchange, there are some private companies that have started creating off exchange plans, that still comply with the laws of the affordable care act, however, bring a reduced cost to help those who don’t qualify for a subsidy, premium tax credit or also known as a “discount” on your federal exchange health insurance plans.

Short Term – Bridge the Gap

Short Term health insurance, is a flexible health insurance coverage solution when you need coverage for a period of transition in your life. Short Term Medical coverage can help people that can qualify for them and have limited medical conditions and/or are high earners that don’t qualify for a premium tax credit through the marketplace exchange.

Short term insurance isn’t as short any longer! When the federal health insurance marketplace or Obamacare came into effect, a few years later the government discontinued long terms for short term labeled health insurance plans. A couple of years ago that law was removed, allowing the terms to be much longer in the states that allow it. However, short term health insurance isn’t for everybody. Listed below you will see the typical person in which a short term health insurance might be a good fit for you.