Obamacare ’17 enrollment period begins tomorrow

Health care has been a hot-button issue throughout this presidential election, and recent reports from the Department of Health and Human Services that premium rates are set to rise by an average of 22% in 2017 in the federal marketplace is only fanning the flames. Here in New York, which operates its own exchange, New York State of Health, those premium increases are more modest by comparison at 16.6% for individuals and 8.3% for small businesses who enroll in health plans during its annual open enrollment period, which starts Nov. 1 and runs through Jan. 31. (You must sign up for coverage by Dec. 15 if you want your insurance to start on Jan. 1.)

Despite the hikes, premium rates in New York State are still 55% lower than they were before the state marketplace was established, and there are ways for consumers to reduce their monthly health care costs even further in the form of financial aid.

Last year, over half of the 350,000 New York residents who enrolled in private health plans through New York State of Health received financial assistance to subsidize their insurance.

If your income is between 200% and 400% of the federal poverty level (ranging from $11,880 for individuals to $40,890 for a family of 8), you qualify for a premium tax credit which can be put toward offsetting your monthly insurance payment.

New Yorkers with an annual income of 400% of the federal poverty level or lower for their household size are eligible to enroll in the state’s Essential Plan, which has a monthly premium of $0 or $20, depending on your income.

This year, more than 600,000 New Yorkers are expected to enroll in the Essential Plan, which come with no deductible and free preventive care services, as well as lower premiums.