Health Care 5 Reasons to Think Twice About Auto-Renewal of Marketplace Health Plans Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Magaly Olivero Modified Mar 3, 2015 2 min read Update: The Centers for Medicare & Medicaid Services (CMS) announced a new short-term special enrollment period from March 15 to April 30, 2015, giving people in 37 states more time to sign up for 2015 health insurance coverage through Healthcare.gov. Act soon to secure health care coverage for you and your family, and to avoid a tax penalty for 2015. For more information, click here. Check your state marketplace website for updates regarding state-run exchange special enrollment periods. While automatically renewing health insurance plans bought in the Health Insurance Marketplace may sound convenient, some policyholders could face unexpected changes to their premium tax credits and pay more for coverage that doesn’t meet their needs. The open enrollment period to purchase coverage as required by the Affordable Care Act is underway. In many cases, people who do not act to renew their coverage for 2015 will be automatically enrolled in their same 2014 plan, regardless of costs. Here are five reasons you may want to think twice about automatic renewals – even if you’re happy with your current plan. You want to maximize your tax credits. You could face a big premium increase if you don’t re-evaluate your options and choose a low-cost plan. That’s because tax credits and cost-sharing subsidies are based on the second least-expensive sliver plan sold in your area. If the price of this benchmark plan changed in 2015, so has the amount of your premium tax credit. You want the best value for your dollar. The number of plans in the Marketplace has grown, so you may find a better plan at a better price if you take the time to compare policies. Prices vary depending on your income, family size, and geographic area. Your current plan has changed. Policies change every year even if you opt for auto-renewal, so double-check critical items such as premium costs, health care provider networks, lists of covered prescription drugs, and cost-sharing rules. Your health status has changed. Take stock of your health care needs to find the plan with the right benefits. Maybe you were recently diagnosed with diabetes, asthma or other chronic condition that requires ongoing medication. Your income or family size has changed. By reporting changes in income and household size to the Marketplace, you may be eligible for tax credits based on updated federal poverty levels that could translate into more savings. Act now. You can change your health insurance coverage any time until the end of the 2015 open enrollment period ending Feb. 15, 2015, even if you were automatically enrolled in your 2014 plan. After that, you can’t buy coverage until the 2016 open enrollment period unless you qualify for a special enrollment period. If you have more questions, TurboTax has you covered. Get answers about auto-renewal in the Health Insurance Marketplace and how the Affordable Care Act impacts you and your taxes at TurboTax Health. Previous Post The New Health Care Law and Exemptions [Video] Next Post 4 Tax Credits to Boost Your Tax Refund [Video] Written by Magaly Olivero Magaly Olivero is an award-winning writer and has written for many national and regional media outlets, as well as corporate and nonprofit clients in the healthcare, tax and education industries. Her publishing credits include U.S. News and World Report, Newsweek, The New York Times, Working Woman, Better Homes and Gardens and the Connecticut Health Investigative Team. Magaly is a recipient of a National Journalism Fellowship from the University of California Annenberg School of Communication and a Health Coverage Fellowship from the Blue Cross Blue Shield of Massachusetts Foundation. More from Magaly Olivero One response to “5 Reasons to Think Twice About Auto-Renewal of Marketplace Health Plans” After 41 years as DOD employee I get different ads about figuring out how much of my income is taxable since I retired two years ago. I hope this is already figured out on my tax statement each January – What’s the real deal? Thanks Sent from my iPad > Reply Leave a Reply Cancel reply Browse Related Articles Health Care Ready, Set, Go! 2015 Marketplace Open Enrollment Begin… Health Care Good News For Uninsured Taxpayers! Affordable Care Act … Health Care The ABC’s of the Affordable Care Act Health Care Good News For Uninsured Taxpayers! Affordable Care Act … Health Care I Missed the Open Enrollment Deadline. What Now? Health Care Look Ahead When Shopping for Discounted Health Insuranc… Health Care Health Care, Taxes, and You: If I Have Medicaid, am I C… Health Care Affordable Care Act Update: Enrollment and Coverage Dea… Health Care How to Purchase Health Insurance in the Health Insuranc… Health Care Why Shop in the Health Insurance Marketplace?