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Don’t Miss Your Chance! Here Are the New Open Enrollment Dates

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Open enrollment dates

Although the individual mandate for health insurance has been repealed, many people will still seek coverage through the government’s website. Here is what you need to know about enrolling and open enrollment dates for 2019.

The End of the Obamacare Mandate

Before you read on, you should know there is no longer a tax penalty for not having health insurance. This year (2018) is the last year you are required to hold insurance.

The Affordable Care Act forced individuals who did not have health insurance to pay a tax penalty of $695 per adult or 2.5% of their household income, whichever figure is higher. In many cases, paying this fine was cheaper than enrolling in the government-mandated healthcare plan.

Even though President Trump and his administration managed to get rid of the harsh mandate, many people are still awaiting open enrollment. This period allows them to make changes to their current coverage or find new insurance for 2019.

About Open Enrollment

Open enrollment is essentially a period of time each year when you can sign up for health insurance or make changes to your current coverage. If you miss open enrollment you won’t be able to make any changes or get coverage until next year. This enrollment period is in place for the following types of coverage.

  • Individual market health insurance
  • Job-based health insurance
  • Medicare

You can usually review, change, and start these three types of health insurance during the open enrollment period. However, it should be noted that you can change or start job-based health insurance at any time throughout the year.

The enrollment period does NOT apply to the following types of health insurance.

  • CHIP (Children’s Health Insurance Program)
  • Medicaid
  • Short-term health insurance
  • Supplemental insurance
  • Travel insurance

These types of coverage are generally available all year long and are not subject to the open enrollment window.

Open Enrollment Dates by State

Medicare recipients have a different open enrollment period than those enrolling for individual coverage. Those receiving Medicare can make changes or enroll from October 15 through December 7, 2018.

For the most part, open enrollment in the United States is available from November 1, 2018, until December 15 for individual coverage. However, some states have extended enrollment periods. View the open enrollment dates for your state below.

State Open Enrollment Period for 2019
Alabama November 1, 2018, through December 15
Alaska November 1, 2018, through December 15
Arizona November 1, 2018, through December 15
Arkansas November 1, 201,8 through December 15
California October 15, 2018, through January 15, 2019
Colorado  November 1, 2018, through January 15, 2019
Connecticut November 1, 2018, through December 15
Delaware November 1, 2018, through December 15
Florida November 1, 2018, through December 15
Georgia November 1, 2018, through December 15
Hawaii November 1, 2018, through December 15
Idaho November 1, 2018, through December 15
Illinois November 1, 2018, through December 15
Indiana November 1, 2018, through December 15
Iowa November 1, 2018, through December 15
Kansas November 1, 2018, through December 15
Kentucky November 1, 2018, through December 15
Louisiana November 1, 2018, through December 15
Maine November 1, 2018, through December 15
Maryland November 1, 2018, through December 15
Massachusetts November 1, 2018, through January 23, 2019
Michigan November 1, 2018, through December 15
Minnesota November 1, 2018, through January 13, 2019
Mississippi November 1, 2018, through December 15
Missouri November 1, 2018, through December 15
Montana November 1, 2018, through December 15
Nebraska November 1, 2018, through December 15
Nevada November 1, 2018, through December 15
New Hampshire November 1, 2018, through December 15
New Jersey November 1, 2018, through December 15
New Mexico November 1, 2018, through December 15
New York November 1, 2018, through December 15
North Carolina November 1, 2018, through December 15
North Dakota November 1, 2018, through December 15
Ohio November 1, 2018, through December 15
Oklahoma November 1, 2018, through December 15
Oregon November 1, 2018, through December 15
Pennsylvania November 1, 2018, through December 15
Rhode Island November 1, 2018, through December 31
South Carolina November 1, 2018, through December 15
South Dakota November 1, 2018, through December 15
Tennessee November 1, 2018, through December 15
Texas November 1, 2018, through December 15
Utah November 1, 2018, through December 15
Vermont November 1, 2018, through December 15
Virginia November 1, 2018, through December 15
Washington November 1, 2018, through December 15
Washington DC November 1, 2018, through January 31, 2019
West Virginia November 1, 2018, through December 15
Wisconsin November 1, 2018, through December 15
Wyoming November 1, 2018, through December 15

In states with extended open enrollment, it is important to note that if you need coverage by January 1, you will still need to enroll by December 15. Anyone not enrolled by this date will have coverage effective by February 1 or March 1, depending on your state and its open enrollment dates.

Do You Qualify For a Special Enrollment Period?

You may also qualify for a Special Enrollment Period (SEP). If you do, this generally gives you an additional 60 days to get coverage. This exception allows you to sign up for coverage after open enrollment if you lost your insurance due to any of the following reasons.

  • If you lost your job
  • You moved this year
  • If you got divorced or married
  • You became a widow or widower
  • Individuals who aged off of a parent’s plan
  • Your COBRA insurance expired
  • You have a new baby

If you lost your insurance because you didn’t pay your premiums or you voluntarily cancel your coverage, you will not be eligible for special enrollment. You can check HealthCare.gov to see if you qualify for a SEP. Those who do not qualify for a SEP will need to wait until open enrollment for 2020 begins this time next year.

More Opportunities During Open Enrollment

Although open enrollment typically refers to health care, many employers will also allow employees to enroll in different job-based benefit programs during this time as well. Some of the benefits that may be open for enrollment and changes are:

  • Flexible spending accounts or health savings accounts
  • Life insurance, disability insurance, vision insurance, dental insurance, legal insurance, supplemental insurance benefits, etc.

If you have specific questions about open enrollment and your options, contact your employer or visit HealthCare.gov.

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Medical Marijuana and Medicare Coverage

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does medicare pay for medical marijuana

As more states embrace the idea of medical marijuana, many Medicare beneficiaries wonder, “Does Medicare pay for medical marijuana?” Often, the question stems from the fact that cannabis is still illegal at the federal level.  Medicare is a federal government program.

The Federal Government’s Stance on Medical Marijuana

Marijuana is a Schedule 1 controlled substance. The federal government believes that it has a high potential for abuse. It states that there is no accepted medical treatment that utilizes medical marijuana. Additionally, they assert that there are no accepted safety standards regarding the use of marijuana as a medical treatment.

Additionally, the Food and Drug Administration (FDA), the federal government agency which approves prescription drugs, has not recognized marijuana as a medicine.

Does Medicare Pay For Medical Marijuana?

No. Marijuana is not an approved treatment for any medical condition and not officially classified as a medicine. Therefore, Medicare will not cover medical marijuana, regardless of whether a beneficiary has a prescription.

Is There Any Medical Marijuana Insurance Coverage?

Probably not. Most private insurance companies take the same stance as the federal government in regards to marijuana as a viable treatment option for any medical condition, even if you have a prescription. This means that medical marijuana insurance coverage essentially does not exist.

Are There Any Marijuana-Based Medications?

Yes. The FDA has approved medications such as those containing cannabinoids, which are chemical compounds found in marijuana that can assist with specific health conditions.

For example, Marinol (dronabinol) contains cannabinoids, and often treats severe nausea and vomiting. They are often used with chemotherapy, and to increase the appetites of persons with AIDS.

Epidiolex (cannabidiol) is an oral solution that contains CBD, a chemical substance in marijuana that does not produce the euphoria or intoxication that commonly comes with marijuana use. It is used to treat seizures associated with Dravet syndrome and Lennox-Gastaut syndrome. These are both two severe forms of epilepsy.

Medicare does cover Marinol and Epidiolex through Medicare Part D and Medicare Advantage plans. Many private insurers will offer coverage as well.

Can You Use Medical Marijuana as a Medicare Beneficiary?

If medical marijuana is legal where you live, you may be able to use it even it if you are a Medicare beneficiary. As long as you have a current prescription, you can purchase medical marijuana on your own.

However, any costs associated with the purchase of medical marijuana will not go toward your Medicare prescription drug plan out-of-pocket maximum. This means the financial burden is entirely on your shoulders.

Additionally, since medical marijuana is not legal at the federal level, you cannot claim the cost as a medical expense on your federal income taxes. This is true regardless of whether it is legal in your state.

States also will not allow medical marijuana to count as a medical expense deduction. The majority of states follow federal rules regarding what is deductible, using your federal adjusted gross income as a basis for state income taxes. This means you cannot separately deduct the expense on your state taxes alone.

Is Medical Marijuana Different from Recreational Marijuana?

No.  By and large, medical marijuana isn’t different from recreational marijuana in states that have made both legal. Both options come from marijuana plants and feature many of the same chemicals.

However, there can be differences between individual marijuana products. Delta-9-tetrahydrocannabinol (THC) and CBD levels can vary from one strain or product to the next, impacting how “high” a person feels, how much it reduces pain, and similar effects. In states where medical and recreational marijuana are both legal, legislation often requires packaging that identifies how much THC and/or CBD is present. This serves as both a regulatory measure and it helps to inform buyers.

There are factors that may affect illegally purchased marijuana, such as the marijuana you purchase through a local drug dealer. Product purchased on the street may contain other substances, including potentially hazardous ones, or have varying compositions that impact effectiveness.

Ultimately, Medicare and other insurers are not likely to cover medical marijuana unless it is made legal at the federal level and becomes an FDA-approved treatment for specific medical conditions. Until that time, even those with prescriptions will have to manage the costs on their own.

Have you or someone you know ever used medical marijuana? Tell us about it in the comments below.

Guide to choosing the best health insurance policy – What steps to take?

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Would you wish to buy health insurance coverage? Are you planning to call up your agent? Once he drops in to your hour, he is well armed with forms and brochures and soon after he starts with explaining the policies which range from simple to complex. As he goes on to explain the pros and cons of each plan, you keep struggling with the overload of information and you gradually get confused about weighing the benefits and pitfalls of each policy. You keep wondering to yourself which policy suits best in accordance with your health needs. Should you focus on cancer coverage or maternity coverage or coverage for traveling abroad with some disease? You are left in a clear mess!

So, we’re here to help you with finding the best health insurance policy in the market and choosing the cream of the crop. Apart from comparing and contrasting from pet insurance australia – iSelect, you can also take some other vital steps. What are they? Read on.

#1: Look for the apt marketplace

Most people grab their health insurance policies from their employers and if you too are one among them, you won’t require using the federal insurance marketplaces and exchanges. The workplace where you perform your job is the marketplace. When your employer provides you with health insurance, you will still have the urge of searching for some other alternative plan that you get in the exchanges. Majority of the employers who provide insurance pay a part of the premiums of the workers and hence they will most likely offer you the least costly alternative. In case your job doesn’t offer you the benefit of health insurance policy, you should check the Affordable Care Act.

#2: Go on a comprehensive market comparison

You will come across few acronyms like PPOs, HMOs, POS and EPO plans, most of which you won’t understand at the beginning. The type that you choose will help you decide the total out-of-pocket costs that you have to pay and the doctors you can include in your network. Watch out for the summary of benefits as you compare plans. When you check on online marketplaces, they will have a link at the summary which will give you a gist of the entire plan. Even when you’re going through an employer, don’t forget to query about workplace benefits.

#3: Health plan networks should be compared

When you opt for in-network doctor, costs are lower as the insurance companies decide on lower rates with the providers within the network. On the other hand, as soon as you reach out of network, the doctors won’t have discounted rates and this will cost your insurance company. In case you have some preferred doctors whom you wish to keep seeing, ensure they are included in the plan which you’re opting for. Look for more choices than what you’re given.

Therefore, now that you know the ways in which you can settle down with the best health insurance policy, what are you waiting for? Get the best coverage and start saving for your future emergencies.

Mistakes to Avoid when Buying Senior Life Insurance

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Now that you have decided to purchase your senior life insurance policy, it’s time to take the next step. Finding the right insurance provider can be more challenging than you might think. With so many insurance companies from which to choose, how can you be sure you selected the right one? When you stop to consider the reason why you are buying life insurance, it becomes even more critical to make the right choice.

You Are Still Able to Buy Senior Life Insurance

Far too many people are under the mistaken idea that once you reach your 50s and 60s, you are no longer able to purchase senior life insurance. This is, in reality, a complete myth. The truth is that the older you are before you buy a life insurance policy, the higher your premiums are likely to be. Keep in mind; life insurance companies are in business to satisfy their shareholders while at the same time managing their risks. They know their chances of paying out on a 30-year old are far less than those of paying out on a 60-year old. The other side of this is that the longer you have to pay on your policy before collecting on it, the more money the insurance company has to invest. As you age, the less time they have to invest your money. This explains why the premiums increase the older you are when the policy is initiated.

Should You Invest in Life Insurance?

Another critical question is whether buying life insurance is worthwhile once you reach middle age. Unfortunately, there aren’t any simple answers to this question. No matter what your age, you need weigh the cost of the policy and any available options the particular policy you are considering has to offer. One thing to consider is that the older you get and the worse your health becomes, the more your premiums are likely to cost. At some point, the cost may reach a point at which buying senior life insurance may no longer make good financial sense.

Of course, doing without life insurance does represent a significant financial risk. But, before you decide to go without proper coverage, it is imperative that you take the time to look at your current and future financial needs. Keep in mind that buying life insurance may not be your best decision if:

  • If your monthly premiums are too high in comparison to the expected payout.
  • If your children/spouse are self-sufficient and do not need you to support them.
  • If you have already made your last mortgage payment and have no outstanding debt your spouse could end up being responsible for once you die.

For many people, buying a senior life insurance policy is a way of leaving behind a legacy rather than out of necessity. Many seniors continue paying into their policy to help their children or even grandchildren once they are gone. Keep in mind that the death benefits of a life insurance policy are non-taxable, which makes this a great way to leverage your money and at the same time take care of those you love.

There is so much to think about before buying a senior life insurance policy. Most of all, you must decide not only if the policy you choose offers the coverages and benefits you need at a price that is within your budget.

 

Should You Buy Your College Student a Car?

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cars and college students
Preparing for college can be stressful. Oftentimes, many questions arise that you’ve never considered, like should you buy your child a car for college? When it comes to cars and college students, there are a number of things to consider before making a decision.

Financial Considerations

Whether or not your child needs a car at school depends on a number of things. Obviously, you want them to be able to travel to-and-from the grocery store and visit home without any mishaps. However, it may not be all that necessary for them to have a car on campus. In fact, many schools prohibit first-year students from having a vehicle on campus.

This is to promote freshmen to be more involved on campus and not travel home as much but it can have its financial benefits as well.

The average 18-year-0ld pays $3,148 in insurance each year. Annually, you can also expect to spend more than $1,200 on gas, $800 on maintenance, and around $700 on licenses, taxes, and registration. Not to mention that if your child decides to bring a car on campus they will also have to pay for a parking pass as well as other parking costs.

It is also good to consider the financial perks of having a car on campus as well. Although having a car may be expensive, on-campus stores usually charge high prices for snack items. Having a car can help save money on groceries. It can also provide a way for them to save money when traveling home for the holidays. Instead of an expensive plane ticket, they’ll be able to drive their car.

All in all, you will need to weigh out how much you stand to save vs how much you stand to lose when sending your child to school with a car. This should determine whether or not you decide to do so.

Best Cars for College Students

If you’re going to spend the money on it though, it is a good idea to do research and determine which car may be a good fit for your child. Luckily, Edmunds releases a list of best used cars for college students each year. Parents considering purchasing their college student a car should think about the options listed below.

  • 2014 Honda Accord Hybrid: On average, a newer used Honda Accord runs about $16,430. It gets 49 mpg city and 45 mpg highway. It is a popular car amongst college students because of its fuel efficiency and utility (seating up to five).
  • 2013 Volkswagen GTI: The GTI has an appeal to people who love cars. You can get a 2013 GTI for around $13,826. This model gets 24 mpg city and 33 mpg highway.
  • 2014 Mazda 3: Comparable to the GTI, a Mazda 3 is a bit more affordable at an average price of $12,770. It also gets better gas mileage at 29 mpg in the city and 39 mpg on the highway.
  • 2016 Toyota Rav4: For students looking for a bit more space and utility in their vehicle, there is the Toyota Rav4. You can get a 2016 model for around $21,235. It isn’t as great on gas mileage (23 city/30 highway) but you’ll have plenty of space for road trips.

When it comes to finding a car that will be safe and provide value for your student, you’ll want to go newer but used. Each of the options above, along with a number of other used cars may be the perfect fit for your child. The key to finding the right car is determining what will fit your budget, shopping around, and comparing prices as well as weighing needs and wants.

Readers, do you think you should buy your college student a car? 

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Do You Need to Buy Separate Health Insurance for College Students?

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health insurance for college students
In many cases, health insurance is less than affordable, making it difficult for individuals to decide whether or not coverage is worth the cost. It isn’t something to be overlooked, especially for students. More than 20 million students are expected to return to college this fall and, without fail, colds and the flu will begin spreading. You don’t want yourself or your child to fall behind because they didn’t have the health care they needed while away at school but do you really need separate health insurance for college students?

Health Insurance Options for College Students

According to HealthCare.gov, each of the options below is available for college students.

  • Your parent’s insurance: Children are permitted to remain on their parent’s insurance until they are 26 years old.
  • Student health plans: Many colleges and universities offer a student health plan. In many cases, this is much cheaper than purchasing your own health insurance and gives you the basic coverage you need.
  • Individual health insurance: You can enroll in your own health insurance program that covers the essentials. Catastrophic health plans are available for individuals under 30. Catastrophic plans cover severe illness or injury and can be more affordable than full health insurance coverage.
  • Medicaid or Children’s Health Insurance Program: If you apply for individual coverage, you may discover you are eligible for Medicaid or CHIP. If you qualify for one of these government-funded programs, you can begin coverage immediately.

Each of the options above is available to all college students but it may be wise to compare the cost of each side-by-side. You may find that remaining on the family’s health plan may prove to be cheaper than a student health plan or individual coverage.

Do You Need Health Insurance?

You may be able to save the money you planned to spend on insurance altogether. You’ll need to take note of a few things before you decide to do so though.

This year, the health insurance mandate will subject individuals without insurance to a $695 tax penalty per adult and up to $2,085 per family. While the new tax law signed by President Trump removed the mandate, it is not in effect until 2019. So, anyone without health insurance in 2018 will still be required to pay these fees.

However, many students won’t be subjected to the fines at all because most won’t be making enough money to file income taxes ($10,000 a year or less). So, you probably don’t need health insurance for college students to avoid a fine but the decision to go uninsured should not be taken lightly.

Generally, it is a good idea to hold health insurance at all times. This helps ensure you will have the means to pay for a doctor visit, ER visit, or other medical procedure, whether money is tight or not.

Health Insurance Tips for College Students

If you do decide to purchase health insurance for yourself or your child, there are two things to keep in mind if they are traveling to school.

  1. Know where to go (within your network): Once you get settled in into your dorm, find out what local offices accept your insurance. It is a good idea to get the name and number of an eye doctor, dentist, and general practitioner in the area. Then, make a well visit with them and get your insurance on file.
  2. Pick a local pharmacy that accepts your insurance: Once you find a doctor that will accept your insurance plan, you’ll need to find a pharmacy that works with your coverage as well. Most of the time, your doctor’s office can point you in the right direction. You can also call the number on the back of your insurance card for more information.

If you’ve been considering buying a new health insurance plan for your college student (or yourself), consider all of your options and the cost of each. Then make an educated decision based on what is best for your health and finances.

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