Open enrollment for health insurance through the Affordable Care Act (ACA), also known as ObamaCare, runs from October until December 15th. This open enrollment window is for subscribers to choose their insurance for the 2020 calendar year. During this time, enrollees have the ability to continue with the plan they have or make changes. See Top Healthcare Plans Here:
During the open enrollment period, new and current subscribers have the opportunity to research insurance plans, weigh costs versus benefits, and decide which plan is right for you depending on healthcare needs. If you are currently enrolled in an ACA health care plan, you may find a policy that is less expensive and still meets your health insurance needs. Open enrollment provides a great opportunity for you to reduce your health insurance costs and save some money. If you are a new enrollee, it is important to take the time to assess your health care needs and find a plan that ensures that you have good coverage.
Keep reading to learn the benefits of changing your health care plan this year during open enrollment. See Top Healthcare Plans Here:
The open enrollment period allows subscribers to determine if their current plan is lacking, meets their needs, or provides coverage that is not necessary at this time. By assessing what services and coverage you used during the current year, you can decide if a less comprehensive and potentially less expensive plan is more appropriate going forward.
Some subscribers find that they are struggling to pay high premiums for coverage they don’t actually need. Others may find that their current plan is going to see a price increase they cannot afford. These scenarios are why it is so important to weigh your options and take action during the open enrollment period.
The enrollment period from October to December allows for subscribers to take their time researching a wide array of health insurance plans available to them. Plans available in your area are broken down by price, and ranked by level of coverage. The ranking system used is Silver, Gold, and Platinum. Even further, these plans are broken down by HMO or PPO. Using the healthcare exchange, you can compare coverage, premiums, and deductibles to find the plan that is right for you.
Subscribers do not have to feel that they are stuck with any one plan, or even one insurance company. This is another change you can make during open enrollment that has the potential to save you money each month or provide better coverage at a similar cost. See Top Healthcare Plans Here:
Using the Healthcare Exchange or a Broker
Open enrollment is the only time of year when you can access the healthcare exchange and comparison shop for your health insurance. During the rest of the year, you are not able to do so unless you have a qualifying life event.
The healthcare exchange allows users to see all the plans available in their area and compare coverage, premiums, and deductibles all in one place. This can make it very simple for you to find a plan that meets your needs without breaking your budget. Subsidized health care plans are also available only during this enrollment period; therefore it is important to access these plans while you can.
During this time you may also want to consider working with an insurance broker to shop for healthcare plans. Brokers have the ability to negotiate with the insurance companies directly, which can save you money. Consumer Reports has determined that it is likely that you will get a better deal when using an insurance broker to purchase your policy.
Once the enrollment period ends, your options become very limited. This is why it is so important to be prepared to research, choose a plan, and know how much you want to spend while open enrollment is available. See Top Healthcare Plans Here:
Reducing Premiums By Updating Income Information
The biggest benefit of open enrollment is that you have the ability to update your personal information, including income, which can help you qualify for a subsidized plan. If you income has decreased in the past year, you may now be able to save money on your health insurance through government subsidized healthcare plan.
Falling into a subsidy category means that monthly premiums are deeply discounted. Therefore it is very beneficial to use your previous year’s tax filings and update your information on the healthcare exchange to see if you fall into one of these categories.
To qualify for a subsidized plan, your adjusted gross income must be no more than $48,240 for a single person, $64,960 for a family of two, and $98,400 for a family of four. These subsidies can make it so that your insurance premium is less than $100 per month. These programs can make a huge difference for subscribers, so it is very important to look closely at your income and deductions when doing your taxes.
Opting into a Health Savings Account (HSA)
During open enrollment, you can also choose to put money into an HSA to be used for things like co-pays and any non-covered healthcare. Up to $3,450 can be put into your HSA from your pre-tax income. This could also reduce your adjusted gross income for the following year and qualify you for a subsidy.
Overall, there are many reasons why you should consider changing your health insurance during the open enrollment period. These include: financial savings, more or less coverage, and potential subsidy qualifications. Therefore, it is very important that you use this time to do some extra research and choose a plan that is right for your medical needs and your finances. See Top Healthcare Plans Here: