Five Things to Know about Health Insurance and Health Care Coverage
Posted: October 27, 2015
- Health insurance is a safety net that can keep you from financial ruin. It provides peace of mind for the "what if" life events that can hit any of us on a moment's notice.
- Do you know how much your employer paid for your health insurance? Look on your Form W-2, which reports your yearly earnings. Any amount in box 12 that is coded DD is what your employer paid for your health insurance.
- To become a wiser user of health insurance, keep track of your out-of-pocket cost. Your actual costs can help you make decisions on which option to take when open enrollment arrives in the fall.
- The next open enrollment period to buy health insurance on the federal health insurance marketplace (HealthCare.gov) is November 1, 2015 to January 31, 2016.
- Premium tax credit or the insurance subsidy. If you purchased health insurance on HealthCare.gov for 2014 and received a premium tax credit to help pay for your insurance, remember to contact healthcare.gov within a month if your income goes up or down. Adjustments may be needed in your premium tax credit so you avoid underpayment or overpayment based on your income.