Open enrollment begins Nov. 1
Open enrollment is here! Beginning Nov. 1, consumers can compare and enroll in Affordable Care Act plans via Healthcare.gov and state-based marketplaces until Dec. 15. You may already have clients asking for advice in this area, or you may know of clients who could use assistance in choosing the right healthcare strategy.
Here are a few tips for how financial advisors can help clients with open enrollment, providing another level of comprehensive service and wealth management.
Identify clients who need help
Many of your clients likely have access to workplace coverage, but chances are some of them do not. In particular, clients who are self-employed or planning to retire early will need to find health insurance on the individual market. Further, even clients who are insured through their employer may have family members who are not — such as adult dependents who have recently turned 26 or a spouse who is eligible for Medicare. (Need help identifying clients who may need help? Click here.)
Send reminders to clients about deadlines
At a minimum, advisors can correspond with clients to ensure they are aware of the open enrollment period and that after the deadline of Dec. 15, they will not be able to enroll in ACA coverage without a qualifying event.
Offer insight on the individual mandate tax penalty
Beginning in 2019, the tax penalty for failing to comply with the ACA’s individual mandate will be $0. Most financial advising clients will still want to obtain health insurance coverage for their families, but the penalty reduction means there is no financial disincentive to pursue non-ACA health coverage.
Provide assistance in comparing and enrolling in options
More and more advisors are recognizing that because healthcare plays such a substantial role in clients’ financial situation and retirement strategy, providing an extra level of support in this area is necessary and appreciated. Partnering with licensed, noncommissioned advisors, such as those available through Bernard Health’s Healthcare Extension, allows advisors to provide this service without building out healthcare expertise in-house.
To learn more about the Healthcare Extension, click below.