Money Watch Q & A: Health Insurance Open Enrollment - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Money Watch Q & A: Health Insurance Open Enrollment

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If you do not have health insurance coverage, open enrollment to buy Marketplace coverage - available under the Affordable Care Act - is fast approaching.

We know there are a lot of questions about the mandated coverage for individuals and employers alike, so we are dedicating tonight's Money Watch Q&A segment to this topic. Mike Dillon, of Dillon Insurance Services, is a health insurance reform expert. He will be taking your calls on our Money Watch Q&A lines at (775) 858-2222 between 5-6 p.m.

Dillon says the open enrollment period starts November 15th. Typically it lasts 60 days, however, if you want your health insurance coverage to be in effect by January 2015, you have to enroll and pay for your plan within the first 30 days. If an individual does not have insurance, they face a fine of $95 for 2014 or 1% of your income - whichever is greater. The fine will increase every year. However, if you lose your job and insurance, you will not have to wait until the next open enrollment period to sign up for coverage. You can apply under the "qualifying event" clause, which includes a change in marital status, having a baby or a loss of insurance.

As for employers, the health insurance mandate applies to businesses with more than 100 full-time employees. If there is a failure to sign up, businesses face a fine of $2,000 per employee. Businesses with fewer than 50 workers are exempt from the most stringent requirements.

Given the problems with Nevada Health Link during the last open enrollment, the Federal Health Insurance Exchange will now handle Nevada policies.

To learn more, call Mike Dillon between 5-6 p.m. on our Money Watch Q&A lines at 858-2222. You can also reach him during business hours at 829-2494 or visit www.dilloninsuranceservices.com. or email mdillon@dilloninsuranceservices.com

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