You may have recently received a letter from your insurance company advising you that you have to re-apply for coverage for the 2018 plan year. They may have told you it can be as easy as just paying the new higher premium, and it can, but don’t.
Do not renew your health plan until you have spoken with a knowledgeable agent and examined your options carefully.
You may even be one of those people who found out the hard way that their insurance wasn’t accepted by their doctor, or that even Obamcare plans have lots of exclusions.
Many people made the mistake of assuming that since insurance companies couldn’t exclude people from coverage, it meant that everything was covered. Unfortunately, that’s not true. There are lots of things that aren’t covered by most health plans. Some insurance companies cover things others don’t.
If you want to make sure you have an insurance policy that covers what you need to be covered and still gives you great value, talk to an expert.
If you think all the kinks have been worked out of the system, you’re wrong.
The big bug in the system this year that will jump up and bite many people in the behind is that most plans sold on the healthcare.gov exchange DON’T include pediatric dental in the coverage, but the law requires you to have it.
Now, if you’re an adult without children on the plan, you have nothing to worry about. However, if you have children on your health plan you must purchase separate pediatric dental coverage, or you may be subject to a tax penalty for not having Qualified coverage. It is also possible that the IRS would require you to repay any subsidy you received to help pay your premiums.
DO NOT risk thousands of dollars in potential tax penalties because you assumed the plan bought through Healthcare.gov complied with the law.
Talk to an agent or broker before you buy. It doesn’t cost you a dime and could save you thousands.