Medicare Man

A tax credit you can take in advance to lower your monthly health insurance payment (or “premium”). When you apply for coverage you estimate your expected income for the year. If at the end of the year you’ve taken more premium tax credit than you’re due based on your final income you’ll have to pay back the excess when you file your federal tax return.

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A special enrollment period is a time when you’re allowed to make changes to your health insurance plan even though it’s not an open enrollment period. However, certain qualifying events allow you to make changes for a certain period of time after the triggering event. If you don’t make the necessary changes to your health insurance during the special enrollment period, you’ll have to wait until the next open enrollment period to make any changes.

Insurers have to cover you regardless of your health history, and they can’t charge you more because of medical conditions. You qualify for health insurance even if you’re pregnant, have a long-term condition like diabetes or a serious illness such as cancer.

Since Obamacare all individual health plans must cover a standard set of 10 benefits:  outpatient care (such as doctor’s office visits), emergency room visits, hospitalization (such as surgery), pregnancy and maternity care, mental health and substance abuse treatment, ,prescription drugs, services and devices for recovery after an injury or due to a disability or chronic condition, lab tests, preventive services, including a variety of health screenings, immunizations and birth control. Pediatric services, including dental and vision care for kids.

Special Enrollment Period

You can buy a health plan outside the open enrollment period if you have a “qualifying life event.” Some qualifying events that will give you a 60-day “special enrollment period” are: getting married, moving, losing coverage due to job loss or divorce.