Now that the Affordable Care Act open enrollment is over, do you have remorse over how much you are paying for your health insurance? Many people experience this as they jumped into the ACA market place because they didn’t know there were other options available to them. However, there are options with no “open enrollment period” where you can be insured the next day. And did you know that you can cancel your ACA plan at any time… you are not tied into an annual contract.

If you did not qualify for a substantial premium subsidy, there are health insurance options outside of the Affordable Care Act that could fit more into your family’s needs and budget. What if you could save $200, $300 or more a month? Just think how you could use those savings in other ways… maybe you need more life insurance, a supplemental cancer plan or a college fund.

Health insurance is very important to protect you against financial devastation as it still is the number one reason for bankruptcy. However, you don’t have to settle for premiums that equate to a house payment. There are options and the InsuranceExperts.team can help you explore those options while being a resource for cost savings on medical services.

Now that the Affordable Care Act special enrollment period is expired, what choices to you have?

Short Term Medical Plans are available 365 days a year and offer coverage from one month up to 36 months. These plans have qualifying medical questions and pre-existing conditions are not covered. They are less costly than Affordable Care Act plans without a subsidized premium. Child-only plans are available.  All Short Term Medical Plans are Preferred Provider Organizations (PPO). These are a good option for those who qualify and want to enroll in an Affordable Care Act plan for 2022.

 

Affordable Care Act plans are still available if you have a qualifying event for a special enrollment period such as moved into the state, had a baby, got married, lost your job, are getting a divorce, etc. There is no underwriting for these plans and they cover pre-existing conditions. You may or may not qualify for a premium subsidy or cost sharing. Child-only plans are available. All Affordable Care Plans are Health Maintenance Organizations (HMO).

Indemnity/Limited Benefit plans are first dollar benefit plans that typically do not have a deductible and pay a set benefit for medical procedures. These plans can be less costly than either Short Term Medical Plans or Affordable Care Act Plans. They do not offer child-only plans. There is no network so an insured can go to any doctor of their choice.

All of these options require specific information to determine the best plan for your needs and budget. Please contact me to ensure that you are getting the right health insurance plan for you and/or your family. Just a reminder, there is no cost for my services.

October 15^th – December 7^th  – Medicare Annual Election Period. Changes can be made to Medicare Advantage Plans and Medicare Prescription Drug plans for an effective date of 01/01/2022.

November 1^st – December 15^th  – Affordable Care Act Plan Open Enrollment. This may be extended. You can enroll or change your Affordable Care Act Plan for an effective of 01/01/2022.

The ACA extended enrollment ends on Aug 15^th.  If you had unemployment benefits in 2021, you may be entitled to a larger subsidy.  Contact me for details!

As of April 1st, the American Relief Plan (ARP) is making it possible for you to pay less for your health insurance by receiving an Advanced Premium Tax Credit (APTC) on Affordable Care Act plan premiums. For those of you who already receive an APTC, you may receive a larger subsidy or realize increased benefits. The ARP also can benefit those individuals on COBRA. AND, you may not be responsible for repaying an APTC for tax year 2020. Contact me to learn more and see if you qualify.