Many of you have new health insurance coverage for 2014 and are adjusting to changes in benefits and administration of your policy. Here are some helpful tips:
• Give your new insurance information to your doctors, pharmacist and other health care providers.
• Use the resources provided by your insurance carrier. They have many great options.
– Set up your member account on the company website
– Use the member portal to review claims and access additional services
– Take advantage of the wellness benefits. Some insurance companies offer incentives if you will complete a health assessment or get a physical exam
– Utilize the support services for managing ongoing medical conditions such as diabetes, heart disease, arthritis, and others
– Many insurance companies provide a 24 hour Nurse Line for medical questions
– Discounts may be offered for gym memberships, fitness programs, weight loss programs, and other healthy choices
– Open a Health Savings Account (HSA) if you are enrolled in a qualifying high deductible health plan.
– If you already have an HSA, you can continue to use it. The funds in the account roll over from year to year
– Most financial institutions offer HSAs
– The contribution limits for 2014 are $3300 for an individual and $6550 for a family. Individuals that are 55 or older can contribute an additional $1000 per year
– You can deduct your contributions to an HSA
– The funds in an HSA can be used to pay for the medical, dental, and vision expenses of the insured individual / family AND their immediate family members that are not reimbursed from another source
– Refer to IRS Publication 502 for a complete listing of allowed medical expenses http://www.irs.gov/pub/irs-pdf/p502.pdf
• The process for making a change to your policy has changed.
– Enrollment 1: you participate in an insurance plan offered through an employer
Change Method: contact the employer’s Employee Benefits Administrator
– Enrollment 2: you enrolled directly with an insurance company in an individual policy
Change Method: contact your broker or the insurance company
– Enrollment 3: you enrolled through the Marketplace (healthcare.gov)
Change Method: most changes must go through the Marketplace. Insurance companies are allowed to make only minor administrative corrections. Changing a birth date, social security number, address that includes a new zip code, adding or subtracting a family member must be done through the Marketplace. Contact your broker or insurance company to determine how your change can be completed.
Reminders: • Open Enrollment continues through March 31, 2014. After that date, you will not be able to enroll in an insurance plan until the Open Enrollment begins for 1/1/15. Special Enrollment periods are given to those who have a Qualifying Event such as birth or adoption of a child, marriage, divorce, loss of other coverage, etc. Please contact your insurance broker for assistance.
by Chris McPike, Vice President ComPro
402-488-5100