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Insurance Tips

November 2014

Two important open enrollment seasons are underway – Medicare Advantage and Part D Prescription Drug plans and Individual Health Insurance. This is your chance to review your coverage and decide if you need to make any changes.

Medicare Advantage plan and Part D Prescription Drug plan open enrollment is October 15 through December 7, 2014. If you like your current plan and the plan is still available, you do not need to do anything. However, you may decide to change plans. Coverage changes take effect January 1, 2015.

The Medicare Plan Finder for 2015 is also available on You can choose a general search option for available plans or a more personalized search. Help is available through the Seniors’ Health Insurance Information Program, or SHIIP, a division of the N.C. Department of Insurance. SHIIP provides free, unbiased counseling in all 100 counties.

Individual Health Insurance Open enrollment begins November 15, 2014 and ends February 15, 2015. Bronze, Silver, Gold and Platinum levels determine how much of your medical costs you pay and how much the plan pays when you receive medical care. Plan level is not based on plan quality.

Subsidies, or premium tax credits, are based on a consumer’s income level and are determined by the federal government through the Marketplace. Individuals who make less than 400% of the federal poverty level may qualify for subsidized coverage. Some consumers may also qualify for cost sharing benefits that will help lower out-of-pocket medical costs. Individuals who make less than 250% of the federal poverty level may qualify for cost-sharing reductions on a Silver level plan through the Marketplace.

Penalties for the 2015 plan year have increased. Individuals without health insurance in 2015 will pay the higher of 2% of yearly household income above the income tax filing threshold (about $10,000 for an individual) or $325 per person ($162.50 per child under 18). Maximum penalties apply.

SECU Insurance Services can help with Medicare Advantage, Part D Prescription Drug plans and individual health plans. Please contact SECU Insurance Services toll free at 1-866-937-7328 or locally in Raleigh at 919-839-8525. Information on Medicare Advantage and Part D Prescription Drug plans can be found by contacting SHIIP at 1-855-408-1212 or by visiting or Information on individual health insurance plans is available at

SECU insurance agents are licensed to sell insurance in North Carolina only and are compensated by employee salary, not by sales incentive pay. SECU receives commissions from the sale of insurance products as a source of non-interest related income for membership benefit.

Previous Insurance Tips:

  • August 2014 - SECU provides access to a comprehensive line of competitive insurance products to meet your needs.
  • August 2013 – SECU is pleased to provide access to a comprehensive and competitive line of insurance products to meet member needs. We encourage members to shop and compare, and consider the Credit Union a trusted source for comparison.
  • September 2012 - Tragically, children age five and under are twice as likely to die in fires as are older children and adults. According to a national survey, only one of every four Americans has developed and practiced a home fire escape plan.
  • August 2012 - Access to competitive insurance is available for members through State Employees’ Credit Union. We welcome the opportunity to provide assistance with your ongoing insurance needs and financial obligations.
  • June 2011 - In addition to term life insurance, SECU now has whole life insurance options for members. Whole life insurance, also considered permanent life insurance, provides life insurance protection for the insured's lifetime.
*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.