The annual Open Enrollment Period (OEP) for health insurance coverage is just around the corner, beginning on Nov. 1, 2105 and running until Jan. 31, 2016. As such, you may have questions about Obamacare in Michigan. You probably know that the state opted to utilize the federal health exchange (the Marketplace), which can be accessed on Healthcare.gov.
Obamacare is more formally known as the Patient Protection and Affordable Care Act; it’s shortened to the Affordable Care Act, or ACA. This healthcare law requires that nonexempt Americans enroll in an approved plan during the OEP. Failing to meet this deadline for enrollment could mean facing a fine imposed by the Internal Revenue Service (IRS). However, purchasing a Marketplace plan ensures that you’re meeting the government’s coverage requirements.
Michigan welcomes ACA-approved coverage
According to the U.S. Department of Health and Human Services (HHS), which oversees the ACA, Michigan’s Obamacare enrollment is doing well. Between Nov. 15, 2014, and Feb. 22, 2015, 341,183 residents purchased a plan through Healthcare.gov. In 2014, there were 272,500 plans purchased through the Marketplace.
In addition, 42 percent of the 2015 enrollees were first-time Marketplace customers. And, the increases apply to the state’s Medicaid program, Healthy Michigan, as well. Within the state, 88 percent of enrollees qualified for financial assistance.
The Healthcare.gov website is a valuable tool for Michigan residents and all Americans, in general. The Marketplace is not actual insurance. Instead, it spotlights different insurance providers’ and exchanges’ private and for-profit plans. This website serves as an all-in-one destination for Michigan residents to compare policy pricing options and benefits. And, the policies available are all approved under Obamacare.
For Michigan residents, whether new or existing customers, searching for health coverage is a crucial responsibility. You should take the time to compare plans from multiple insurance coverage providers.
The federal Marketplace will enable you to plan ahead and secure your health coverage for the 2016 year.
You can use the links below to get quotes direct from national insurance providers.