Why Policy Reviews are Important

Susie makes $50,000 a year. She meets an insurance agent, who puts her income at $15,100. She then qualifies for the benchmark silver plan with $0 monthly premium, $0 deductible, $1,800 maximum out of pocket, $0 doctor visits, and $0 for generic drugs. Her plan's retail price is $458 per month. Her subsidy is $460 meaning her subsidy is covering the premium completely. Sounds good right?

However, at the end of the year, Susie receives a bill from the IRS. Even if she has never used her insurance at all, she owes back all of the subsidy, coming out to a total of $5,496. She ends up super frustrated, and never wants to touch ACA health insurance again. (Can't tell you how many times I've heard this)

When should I review my policy?

Policies should be reviewed when new life changes happen. Here are a list from Healthcare.gov:

• Loss of health coverage

• Changes in household

• Changes in residence

• Other qualifying events

They should also be reviewed when you change your income. More info from Healthcare.gov. They should also be reviewed if your plan changes, your doctor doesn't accept that insurance anymore, or if they don't cover certain procedures or prescriptions.

Why Should I report Income Changes?

Income changes are important especially if you start at a higher income, and then become unemployed, laid off, or get a lower paying job. By not reporting your changes, you are actually missing out on a better health plan and lower premiums. And then if you get a higher paying job, so you don't owe any taxes.

Check my policy status

In the month of July, they reported around 200,000 applications being submitted incorrectly, switched to a plan without consent, or the policy has been terminated. (Source). They did introduce new protections for consumers now to make any changes to the marketplace, the consumer must be the one to make these changes. However, the bad actors can and will find a way around this. It's important to review your policy every few months, to ensure your policy is still active.

What can I do?

Fortunately for you, this is what we specialize in. We take a look at not just your policy but everything in the application. The income, address, smoker status, household size. We double check that everything is done correctly so you don't have any surprises at the end of the year. We also give you access to dental and vision plans that other agencies don't have access to. As an added bonus for our clients, we walk them step by step on how to earn their rewards with their insurance, which can total up to $500 gift card with certain carriers.