HOW TO PREPARE FOR OPEN ENROLLMENT AND WHAT TO EXPECT
Open enrollment is the time of year when you can sign up for health insurance or change your current plan on the government marketplace. The open enrollment period for the marketplace is available from November 1, 2022– January 15, 2023. With coverage to begin January 1, 2023, so long you enroll before December 15, 2022. From December 16, 2022, to January 15, 2023, plans will start on February 1, 2023.
Before you dive in and start shopping around, it's essential to ensure you're prepared and educated for what lies ahead. So here are some tips on how to get ready:
Check if your income has changed from what you previously reported. Any underreporting income can result in a tax penalty when you file taxes.
Know what you are looking for, HMO, EPO, or PPO. High Deductible & Lower Premium? Or Low Deductible & Higher Premium?
Know what your max out-of-pocket will be in the event of a significant medical claim.
Understand the above insurance terms & what they mean.
Are your medical providers within your chosen plan's network?
Has there been a diagnosis of a pre-existing condition?
Did you move & are unsure if your current plan will cover you in your new area?
Know Your Options - Ensure you understand what coverage is available to you. You may want to consider buying coverage through the marketplace or getting a private plan outside of the marketplace.
Speaking to a Licensed Health Coverage Advisor is always the course of action. Our priority is to answer any questions you have and offer an educational approach to individual coverage in today's market.
What to Expect
Suppose you're currently enrolled in a plan through the marketplace. In that case, you can expect to receive information about open enrollment from your insurance company. You may also see open enrollment reminders on this website and social media.
This year there will be substantial changes to this open enrollment. Some of those changes are insurance carriers leaving specific markets and others adding plan options to others.
A few things have contributed to the above-average increases this year, such as inflation & Covid-19. Additional subsidies, also known as cost-sharing reduction, will continue into this year's Open Enrollment. Therefore, if you are receiving a subsidy, you may receive a notification about potential changes to premium costs.
It will be imperative in the event you do, you speak to a licensed health coverage advisor. By not doing so, you may be subjecting yourself to overpayments of premiums or potential penalties for income reporting.
Marketplace plans, although an excellent option to obtain coverage, due to ACA laws & protecting the rights of individuals to get coverage. The marketplace, however, is not the only place health coverage is available.
Finally—and most importantly—it's crucial that everyone speak to a licensed advisor when considering any change! We know how confusing these situations can be; that's why we're here for you at every step!
Be proactive and reach out to us today regarding any questions you may have or quotes you need. Let us assist you in determining which coverage provides you with the most protection at the most affordable rates.
