Friday, December 8, 2017

All You Need To Know About Open Enrollment

 

 
Open enrollment is here again, and for many Americans this time period – and the entire health insurance market – spells confusion.

Is Obamacare still in effect? Are premiums really increasing as much as predicted? Do I need to take action now if I’m happy with my insurance plan? What’s the difference between all the plans offered in the marketplace?

So many questions! No worries, though. We’ve got answers. Read on for the complete rundown on open enrollment, the Affordable Care Act (ACA) and today’s health insurance options.

1.) The ACA – still in effect?

Before you go shopping for a cheaper or better insurance plan, bear in mind that the Affordable Healthcare Act is still up and running. Many people are under the mistaken impression that the current administration has overturned the program or will soon do so. While an alternative health care plan has been proposed, there has been no change in the current system thus far, and it is not likely that there will be within the next few months.

What does this mean for the average American?

The ACA has made it mandatory for every American to have sufficient health care coverage. The penalty for failing to comply with this law is the higher of $695 per adult or 2.5% of household income.

The ACA also oversees the government-run health insurance marketplace in which insurance plans can only be purchased during open enrollment. In most states, the open enrollment period for 2017 is about 6 weeks long, running from Nov. 1 to Dec. 15. The following states have extended their enrollment period: California, Connecticut, the District of Columbia, Massachusetts, Minnesota, New York, Rhode Island and Washington.
2.) Rising premiums or cheaper rates?

If you ask the average Jane or John Doe if insurance costs are rising or falling, you’d probably get an earful about ever-climbing premium rates and health care costs. On the flip side, though, is the government, claiming their subsidized plan and the expansion of Medicaid has health care costs steadily declining.

In fact, both arguments are true. The silver plans on the ACA marketplace rose by an average of more than 30% this past year – and 2018 is looking a whole lot worse. Premiums are expected to rise by as much as 34-50% this coming year.
The current administration has claimed it will stop paying for many of the key payments to insurers it’s previously shouldered as part of the ACA. This factor, coupled with the overwhelming uncertainty surrounding the ACA, has led insurers to drastically increase their premiums.
The 80% of customers who receive subsidized insurance through Obamacare will be shielded from these price hikes; it’s the other 20% who will bear the brunt of the unstable marketplace.
The premium increase rates will vary by state and by the individual, but it is quite possible for an Obamacare customer who was paying $593 a month in premiums in 2017 to be saddled with a monthly premium of $1,001 in 2018!

All this uncertainty has led to another significant development: Many providers have left the marketplace plans. This means your doctor may no longer be part of your insurance plan. Be sure to find out about any possible changes before open enrollment is up, even if you aren’t looking to change your plan.

3.) Where to apply
If you do not receive insurance coverage through Medicaid, Medicare or your workplace, you may want to consider changing your insurance plan this year. To find out what your options are, visit healthcare.gov. Most states offer insurance coverage through this site, while others will redirect you to a private state-run site where you can purchase a marketplace plan.

Tuesday, December 5, 2017

Surviving the Holidays With Your Sanity Intact



The holiday season is a special time. With Charlie Brown on TV and carols on the radio, and an ever-growing list of people to shop for, it’s easy to get carried away.  The pressure to over-shop and overspend when you’re rushing to buy everything on your list can be overwhelming. No worries, though; we’ve got you covered! Read on for fantastic pre-and post-holiday tips to ensure you’ll have a holly, jolly December without breaking the bank.