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2013Be Prepared For Fall Open Enrollment Changes
Originally posted September 3, 2013 by Amy Gallagher on http://www.golocalworcester.com
The healthcare reform law requires employers to notify employees of available health exchange options by October 1. That means employees will face new health plan choices – and decisions – during open enrollment this year. Education is Key With new options comes the need for more education. And that doesn’t just mean the health exchange option notice employers are required to provide, which is likely to confuse employees.Since employees will get to choose between employer-sponsored plans or those offered by the exchanges for the first time, employers should make an extra effort with their communication plans for this fall’s open enrollment. And employees should step up their participation in the process as well.
Employee questions…and answers
Employers should provide informative, detailed materials that will enable employees to evaluate their choices and make the best decisions. When reviewing open enrollment resources, employees should follow these five steps:
1. Review the benefits and costs of the employer-sponsored plan.
2. Compare the employee costs above to an individual plan offered through a state-run exchange.
3. Determine tax credit by using an online tool and estimating family income for 2014 (before taxes), telling the age of the oldest adult in the family, and entering the total number of adults and children in the household.
4. Employees who receive the subsidy should subtract the earned tax credits from the total cost of the exchange plan to determine their total premium cost.
5. Last, all employees must understand that, starting January 1, 2014, they are mandated to be insured.