If you purchased health insurance coverage through the health insurance marketplace last year and plan to keep it, you will be automatically enrolled in the same or a similar policy without having to take any action. You and your family will be covered under the new policy beginning on January 1, 2015 with no gap in coverage.
But, there’s one more step you may need to take. To ensure that you receive the correct amount of the financial help from the government in 2015, you need to update your financial and family information. The deadline to update this information to receive up-to-date financial help effective in January 2015 was December 15, 2014.
If you missed it, don’t worry! There’s still time to correct your information to avoid confusion the next time you receive your bill. This information can be updated with the government at any time, but the sooner you do it, the sooner your financial help will be adjusted. Don’t wait!
There are many factors that affect the amount of financial help for which you are eligible, like changes to your income or family status. Things like getting a new job, getting married or having a baby can affect the amount of help you qualify to receive. If you don’t update your information with the government, you will continue receiving financial help based on your 2014 information, which could result in you receiving too much - or too little - assistance when paying your monthly premium.
If you receive an incorrect amount of financial help, the difference will be reflected when you file your taxes, so it is important that you provide updated information to the government as soon as possible.
If you are purchasing health insurance coverage for the first time, you will enter your financial and family information when you enroll. You’ll just need to remember to update your information if you experience any changes in income or family status throughout the year.
We know this process can be confusing, and we are here to help you understand what you need to do to get the correct amount of financial help from the government. If you have questions, contact your local Blue Cross Blue Shield company today.