Open Enrollment 2022: What you need to know
Open Enrollment is the period of time each year when you can sign up for health insurance or change your current coverage. Open enrollment for 2022 plans begins Monday, Nov 1st, and continues through Jan 15th, 2022 for individual and family plans.
Enroll before Dec 15th: Coverage will start Jan 1st, 2022
Enroll between Dec 16th and Jan 15th: Coverage will start Feb 1 2022
In some states, the Enrollment period may be different due to state policy. Check with one of our benefit specialists to see when your enrollment period is for your state.
Marketplace Plan Options
Metal Tier plans:
Bronze: Cheapest monthly cost but generally have higher deductibles and few cost-sharing benefits. (Much more out-of-pocket expenses).
Silver: Middle-of-the-road plan that balances coverage & cost.
Gold: Most expensive coverage options, has strong cost-sharing benefits lower deductibles & out of pocket exposure.
Platinum: Extremely rare coverage only available in a few counties, most expensive monthly premiums but has lowest deductibles and high cost-sharing benefits.
Networks: Most options are going to be in HMO or EPO networks Which are limited to the service area and only provide coverage outside of that for emergencies. PPO networks are only available in select counties in select states but have nationwide coverage and access to providers.
The Average cost for coverage in 2021 is $313 to $709 per month, depending on coverage level, and in 2022, most states will see an increase in the cost of health insurance. Insurers have submitted requests for their proposed rate changes, but actual rate changes must be approved by each state. Those with low to moderate incomes will pay a discounted rate for health insurance purchased through the marketplace because of Health insurance tax credits (sometimes called subsidies).
For example, a Bronze plan costs an average of $30 per month for someone who earns $30,000, and the average cost is $214 for someone who earns $45,000.
In 2022, these health insurance discounts from the Advance Premium Tax Credit (APTC) are available for those who earn between 100% and 400% of the federal poverty level. For an individual, that's an income of $12,880 to $51,520, and for a family of four, it's $26,500 to $106,000. Those who earn more than this may still qualify for discounted insurance through the marketplace based on the ratio of health insurance costs to income.
The marketplace isn’t the only option for health coverage. Each individual and or family is different & has different needs. determining factors of which plan best suits you will be income, health, lifestyle, and employment. Below are the different types of options outside of marketplace plans.
Private Medically Underwritten: Plans that offer typically lower out-of-pocket costs and lower deductibles than the marketplace if no subsidies are avilable. Select risk pool, meaning individuals need to be relatively healthy and have to go through medical underwriting for approval of coverage. Some options are guaranteed renewable till age 65 in nationwide PPO networks.
Healthshare plans: Organizations whose members “share” medical costs. As part of a health care sharing plan, you are responsible for paying in a certain share amount each month (like a premium) as well as an “annual unshared amount” for your own expenses.
Short Term Medical: Typically the most affordable option. Short-term insurance is health coverage typically available for periods from 30 days to 90 days. In some instances with some insurers, short-term medical is available for up to 12 months. But, short-term plans usually offer more limited coverage than major medical.
Fixed Indemnity: Fixed indemnity health insurance is supplemental health insurance that helps manage out-of-pocket costs. These plans provide an extra layer of protection in the event of serious injury or illness by paying you a set amount of cash benefits to cover specific medical expenses.
It’s important to always speak to a benefits specialist prior to selecting and or renewing your coverage for the year to determine which plan suits your needs and of course to make sure you aren’t overpaying for coverage. Dont make the assumption that the coverage you have is the best for you without seeing other options or speaking to a benefits specialist.
