Yes! The marketplace offers special enrollment periods for qualifying life events.
Special Enrollment Periods
Because of COVID-19, many Americans have experienced a loss of employment. If you recently became unemployed, it’s important to know that you can still get health coverage! You may be eligible for what is called a Special Enrollment Period. While filling out your application, just select “loss of job” as your reason for an SEP. We are working in partnership with the Center for Medicaid and Medicare Services to help as many people as possible during this time.
NOTE: If you have recently lost your job due to the COVID-19 pandemic, you may be eligible for a Special Enrollment Period and can apply for health coverage. We’re here to help – shop and enroll through W3ll now!
During the annual Open Enrollment Period from November 1st – December 15th, almost all Americans can enroll in health insurance through the Federal Marketplace. If you enroll by December 15th, your coverage will begin January 1st.
Outside of the Open Enrollment Period, you can only enroll if you have a Qualifying Life Event, such as losing your job, losing your health insurance, adopting a baby, or getting married.
These are the main life events that qualify for Special Enrollment Periods. We’ve put together everything you need to know here.
• Losing health coverage.
• Changes in your household size
• Changes in your residence
• Change in incarceration status
• Change in citizenship
Am I eligible for Marketplace Plans?
Great question! Marketplace coverage refers to health insurance plans that are part of the Affordable Care Act (ACA).
If you have health coverage from a former employer, such as COBRA or retiree coverage, you can decline the employer coverage, even if it is affordable and provides minimum value, and may be eligible for the premium tax credit for Marketplace coverage.
Medicaid is a free or low-cost health insurance program for low-income families and children, pregnant women, the elderly, and people with disabilities (and more, in some states). It may have a different name in your state, such as Medi-Cal, for our West Coast friends in California.
Some states did not expand Medicaid to cover low-income adults. To find out if you’re eligible, reach out to your state’s Medicaid department for more information.
If you are eligible for Medicaid, you can technically enroll in Marketplace (ACA) plans, but you won’t be eligible for savings.
We’re glad you asked! We’re a secure and trusted partner of Healthcare.gov, meaning we’re able to display the exact same plans and prices as Healthcare.gov with no extra costs.
The difference is that we provide you tools to empower you to find the perfect plan for your needs and budget without confusing health insurance jargon. Our streamlined, easy to use, website saves you time.
With W3ll you can:
• Find out if you’re eligible for savings in 10 seconds
• See which plan will be most affordable for you
• Easily shop and compare all plans
• Get enrolled FAST!
All the health insurance lingo can feel overwhelming and foreign. W3ll walks you through the shopping process in an understandable way. You can still learn more with our straight forward glossary of terms.
The premium tax credit is designed to help individuals and families with low or moderate income afford health insurance purchased through the Marketplace, also known as the Exchange. The size of your premium tax credit is based on a sliding scale. Those who have a lower income get a larger credit to help cover the cost of their insurance.
When you enroll in Marketplace insurance, you can choose to have the Marketplace generate an estimated credit that is paid to your insurance company to lower what you pay for your monthly premiums (advance payments of the premium tax credit, or APTC).
Or, you can choose to get all the benefit of the credit when you file your tax return for the year. If you choose to have advance payments of the premium tax credit made on your behalf, you will reconcile the amount paid in advance with the actual credit you compute when you file your tax return. Either way, you will complete Form 8962, Premium Tax Credit (PTC) and attach it to your tax return for the year.
The credit is “refundable,” because if the amount of the credit is more than the amount of your tax liability, you will receive the difference as a refund. If you don’t owe tax, you can get the full amount of the credit as a refund. However, if advance credit payments were made to your insurance company and your actual allowable credit on your return is less than your advance credit payments, the difference, subject to certain repayment caps, will be subtracted from your refund or added to your balance due.
You are eligible for the premium tax credit if you meet all the following requirements:
• Have household income for the year is at least 100 percent but no more than 400 percent of the federal poverty line for their family size.
• Do not file a Married Filing Separately tax return – unless you qualify for a special rule that allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using the Married Filing Separately filing status;
• Cannot be claimed as a dependent by another person; and
• In the same month, you, or a family member:
• Enroll in coverage (excluding “catastrophic” coverage) through a Marketplace
• Are not able to get affordable coverage through an eligible employer-sponsored plan that provides minimum value
• Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP or TRICARE
• Pay the share of premiums not covered by advance credit payments.
We know that it’s not easy to predict your annual income if you’re unemployed. Still, it’s important to make an estimate based on all current or expected sources of income for the year. There are different types of income you need to include on your application, such as unemployment compensation, all household members’ income, withdrawals from traditional IRAs and 401Ks, etc.
For a full list of types of income to include, click here.
Tell me about W3ll.com
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Our only goal is to help you find the best plan for your needs, providing unbiased, caring, expert advice.