For most states, Open Enrollment begins this Friday, November 1, 2019!
In our last blog post, we unpacked everything you need to know about Open Enrollment. We even provided you with an easy to use checklist to ensure that you are prepared! If you missed that post, you can check it out by clicking here.
To recap, Open Enrollment is the period of time when individuals & families can sign up for health insurance. Before you start shopping for a health insurance plan, it is important to know the types of health insurance options that are available. Also, what’s new for 2020?
In this blog post, we are going to fill you in on the requirements, laws, & plan info so that you can select a health insurance plan that is best for you & your family.
What’s New for 2020?
- Short term plans can now be used for up to 12 months, with the possibility of renewing for up to three years.
- Short term plans are significantly less expensive than standard, ACA-compliant plans because they don’t cover basic benefits. It is important to note, however, that certain states, like New York & Vermont, have passed legislation that does not allow the sale of short-term plans.
- Many states, like Delaware, Florida, Maryland, & Wisconsin, are predicting decreased health insurance rates; while other states are predicting only slight increases.
- Subsidies also generally increase alongside premiums, so there is a good chance you won’t see a large monthly payment increase, even if your plan’s premium does significantly increase.
- Last year, federal legislation reduced the tax penalty to $0, meaning you won’t owe a fine if you don’t buy health insurance next year. Uninsured Californians, however, will face an annual penalty of $695 per adult (up to $2,085 per household).
- Unless you live in CA, you will not be penalized by the government if you decide to go uninsured in 2020, BUT just because you won’t be fined at tax time doesn’t mean it’s a good idea to not secure a health insurance plan. Unexpected medical bills can get expensive fast: a broken leg alone costs an average of $7,500 without health insurance. iCan will help you find a smart, affordable health plan, so you can feel at ease knowing that you are protecting your health & your finances.
- No insurers are expected to withdraw from the states they serve & in fact, new insurers are even coming into the market!
- This year, you may discover new plans, insurance companies, & lower premiums! This is why it is important to review your options & not simply re-enroll in your previous plan (if it is still available for 2020).
What types of plans are available?
An insurance plan that’s certified by the Health Insurance Marketplace, provides essential health benefits, follows established limits on cost-sharing (like deductibles, copayments, & out-of-pocket maximum amounts), & meets other requirements under the Affordable Care Act. All qualified health plans meet the Affordable Care Act requirement for having health coverage, known as “minimum essential coverage.”
- Key Benefits of Choosing ACA-Compliant Coverage:
- ACA plans offer free preventive care. All qualified health insurance plans must provide 10 essential health benefits, including free preventive, & wellness visits. No copay. No deductible. No coinsurance.
- ACA plans offer no surprise cancellations or pre-existing denials. Insurance companies can’t cancel your policy because of a mistake on an application. Insurance companies also cannot deny coverage for a pre-existing condition (unless your plan is grandfathered).
- What you may dislike…
- ACA plans may have higher premiums than other options since they provide comprehensive coverage; however, you may be eligible for a subsidy.
Short-Term Health Plan (STHP)
STHPs provide coverage in case of illness and accidents for a defined period of time. They’re flexible solutions designed for periods of transition, like finding a new job.
- Key Benefits of Choosing Short-Term Health Plans:
- Short-Term Health Plans often have low monthly premiums.
- What you may dislike…
- Pre-existing health conditions, or a history of health problems, could prevent you from qualifying for a Short-Term Health Plan.
- Short-Term Health Plans may not cover basic benefits or free preventive care.
- They also typically don’t, cover certain benefits, like maternity care or mental health.
Health Care-Sharing Ministries (HCSM)
HCSMs group people with a common set of religious beliefs together to help them pay for health care.
- Key Benefits of Choosing Health Care-Sharing Ministries:
- HCSMs may more offer affordable coverage.
- What you may dislike…
- HCSMs are not health insurance, so they may not work directly with doctors & hospitals.
- You will more than likely have to negotiate your own health care costs.
iCan works with a variety of providers to ensure you have the maximum potential to find the most affordable plan that meets your needs. We are here to simplify a complex market & process to make getting covered a painless process.
iCan Benefit Group offers:
- Affordable options.
- Plans from a variety of major carriers.
- Alternative options to Obamacare.
- Representatives that are here for you – we will answer your questions & guide you to choose the coverage that best fits your needs & budget.
Get started today! Get your Open Enrollment Checklist here & give us a call if you have any questions, or to enroll in a plan beginning November 1, 2019!
Frazer, S. (2019, October 7). 4 Health Insurance Changes You Will See in 2020. Retrieved October 30, 2019, from https://blog.stridehealth.com/post/health-insurance-changes.
Health Markets. (2019, October 17). The Pros and Cons of the Affordable Care Act. Retrieved October 30, 2019, from https://www.healthmarkets.com/resources/health-insurance/affordable-care-act-pros-and-cons/.
Healthcare.gov. (2019). Get Health Insurance Answers from Healthcare.gov Marketplace. Retrieved October 30, 2019, from https://www.healthcare.gov/get-answers/.