Open Enrollment is quickly approaching and insurance carriers are beginning to reach out to clients regarding their coverage and plan options for 2017.
In October, CMS will send a Marketplace Open Enrollment Notice (MOEN) to all on-Exchange members. This notice will contain certain basic information, including: a description of the annual redetermination and renewal process; the requirement to report changes affecting eligibility and the ways for reporting such changes; and the last day members can choose a plan for coverage starting January 1. For enrollees who authorized the Marketplace to request updated tax return information for use in the annual redetermination process, and who are receiving APTC or income-based CSRs, this notice will have information on the process the FFM will use to establish APTC and CSR eligibility for 2017 for enrollees who do not actively reenroll.
Again this year, consumers who received subsidies in 2016 but did not file a 2015 federal tax return with Form 8962 to reconcile their APTC will be placed into a federal tax return (FTR) group. This could result in a loss of APTC and CSR eligibility. These consumers will receive a special version of the MOEN from CMS in October indicating that they are at risk for losing APTC in 2017. During Open Enrollment, this group will need to actively renew via HealthCare.gov and include their latest income information or their APTC will be set to $0 for 2017.
If you are feeling a bit confused, you are not alone. As licensed insurance brokers, we can help you work through your renewal process and guide you to ask the right questions whenyou work with your tax accountant. Putting off these governement action items is never a good idea! Let us help.