As Open Enrollment 2017 approaches, you may still have questions about health insurance under the Affordable Care Act (otherwise known as Obamacare) and what you need to do to make sure you and your family have the coverage you need at the most cost-effective price available.  Having a licensed agent as your point of contact is one of the best ways to get the answers you need.  Below are some of the questions we are most frequently asked here at NC Health Plans along with our answers:

1. Do I have to have health insurance?  Yes you do.  Under the Affordable Care Act, you are required by law to carry health insurance or be subject to a tax penalty.
2. How much is the penalty for not having insurance?  In 2016, the tax penalty is $695 per person or 2.5% of your income, whichever is higher.  The penalty will likely increase in 2017.
3. Can I be exempt from the penalty?  Yes.  Under certain circumstances, you may obtain a tax exemption.  Visit the government website for a complete list of tax exemption reasons.
4. Do I qualify for a federal subsidy?  You may.  Federal subsidies are based on your Modified Adjusted Gross Income (predicted for 2017) and the number of people on your tax return.  For help determining whether or not you qualify, visit www.nchealthplans.com or call 888-765-5400 to speak with a licensed agent.
5. What if my income changes over the course of the year?  You are required to update any income changes with the federal Marketplace.  A failure to do could result in you having to pay back a portion of your premium tax credit.
6. Do I have to enroll through the federal Marketplace (Exchange)?  No; however, you do have to have an ACA compliant plan to avoid a tax penalty. You do not have to get your plan through the federal Marketplace and Blue Cross Blue Shield offers plans both on and off the Marketplace so if you do not qualify for a federal subsidy, you may want to apply directly.

Obtaining health insurance doesn’t have to be a headache.  At NC Health Plans we utilize the most up-to-date online and telephone application process available to help make the enrollment process easy and are available to answer any questions you may have about your health insurance needs.  2017 quotes for BCBSNC health insurance will be available November 1st, when Open Enrollment begins.  For more information on North Carolina insurance coverage, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.

Autumn is in full swing and in our part of the state, we’ve had A LOT of rain.  We’ve had wet, dreary days that get me thinking about one thing – a good cup of coffee.  In fact, I’ve found myself more than once sitting in the Starbuck’s drive through waiting to be handed my $5 breve latte.  Although there’s a McDonalds right across the street where I know I could get a cheaper cup of coffee, I still wait for that Starbucks cup and I do it for one reason.  I know I’m going to get what I’ve paid for – good quality!

As the cost of health insurance is on the rise and both insurance companies and insurance consumers are feeling the pinch of the new ACA market, it’s important to keep a few things in mind.  Across the board, insurance companies are raising premiums in order to accommodate a different demographic.  Unfortunately these rate increases have been deemed necessary by the Board of Insurance in order for insurance companies in the state of North Carolina to stay viable and to continue providing health insurance to NC residents.  Many companies, including Blue Cross Blue Shield NC, lost millions of dollars last year alone on ACA business, which is an unsustainable business model year after year.  As premiums increase to help offset soaring costs, it is now more important than ever to really examine what your premium dollar gets you when it comes time to use your health plan. (more…)