Open Enrollment for a 2016 Arizona ObamaCare policy (aka ACA) begins November 1, 2015 and ends on January 31, 2016. If you want to change the health insurance policy you are on, or if you are not currently insured, beginning on November 1 you can make those changes or select a new policy. Monthly premium rates will most definitely be even higher for 2016 policies than 2015 policy year plans — but maybe not for YOU.
Not only will the plans cost probably more, but your out-of-pocket (OOP) annual financial exposure is rising, too. During the 2015 policy year, most health insurance plans limited your annual financial OOP costs to $6,350. During the 2016 health insurance policy year, most plans will have an OOP limit of $6,850 — another $500! If there is more than one person on your health insurance plan, your financial exposure for the entire family is twice that $6,850 figure — which comes to $13,700. What this means is that if you and one other person in your family gets quite ill and becomes hospitalized, you will end up having to pay $13,700 for your medical care during 2016.
Your OOP can be quite lower, however, if you qualify for the ObamaCare cost-sharing subsidies. The cost-sharing subsidies are different from the tax credits you have probably heard about. Tax credits are are monies paid to your health insurer each month on your behalf that actually lower your monthly premium cost. Depending upon your household income, you could also qualify for a cost sharing subsidy. The subsidies require your health insurance company to lower your deductible, your costs for doctor visits and prescriptions and most all other medical care. Subsidies can also lower your OOP exposure. For example, Lehrman Group has many clients that purchased a policy from us during the 2015 policy year that came with a deductible of $4,000 and an OOP of $6,350. Because of their income, however, the cost-sharing subsidy brought their deductible down to just $50 and their total OOP down to just $2,250. This is a huge and significant savings for you over the ridiculous OOP millions of Americans will experience in 2016. Arizona Obamacare open enrollment
Contact us at (800) 600-9663 and we can tell you if you qualify for a tax credit and how much your tax credit will be. We’ll also be able to tell you if you qualify for a cost-sharing subsidy. If you do qualify for a subsidy, we’ll be able to tell you what your true OOP costs will be for 2016. You may also go here and request that we send you a health insurance rate quote to your email address.
Lehrman Group has been serving Arizona residents for almost 30 years and represents all health insurance companies that offer policies here in Arizona. Our services are absolutely free — we will never charge you a fee of any kind.