What You Need To Know Before Enrolling ACA
Is it your first time enrolling in an Affordable Care Act plan or are you re-enrolling? It may be confusing to change plans or just simply enroll, so we are here to help you figure out what it is that you need to know before purchasing. So what exactly is the Affordable Care Act (ACA) Open Enrollment?
Open enrollment is the annual window during which individuals and families may sign up for ACA-compliant individual and family health insurance. Or, make changes to their existing coverage. Only during Open Enrollment can Americans sign up for a plan or switch to a different health plan.
For millions of Americans, this year’s open enrollment period vastly differed from past periods. More consumers than ever are now eligible for premium tax credits. The American Rescue Plan (ARP), made law in 2021, included subsidy enhancements that allow an unprecedented number of Americans to qualify for premium tax credits. Subsequently, this increases the amount of the subsidies.
Open enrollment for 2023 health coverage begins nationwide in November of 2022 and will continue through January of 2023.
Enrollments in most states needed to be completed by December of the calendar year in order to have a plan that took effect on January 1. Several states gave residents until December 31 to sign up for a plan with a January 1 effective date. In nearly every state, enrollments completed after December 15 but before the end of open enrollment had a February 1 effective date. However, there are some states such as DC, Kentucky and New York, where a March effective date. So, what should you do before your ACA enrollment to make the most of your options? Here’s a short list of things that you can do.
Assess your salary for the coming year
Premium tax credits, or subsidies, are based on your adjusted gross income for the coming year. Assessing your income will help you figure out the amount of subsidies you qualify for and what plans best meet your budget and needs.
Estimating your salary can also help prevent you from overpaying for your insurance.
If you end up making less than you guess, you’ll get back the difference you’re owed on your tax refund.
Call doctors and check ACA provider directories
Insurance companies offer provider directories that make it easier to find in-network doctors, so be sure you check your current or new plan’s directory, especially if you’re keen on keeping a particular doctor. You can also call doctors’ offices to see if they’re still accepting a specific plan. You must confirm that your providers accept the plan and are in network before purchasing it.
Check for new ACA plans in your region
Plans and prices change every year, and more insurance companies are offering coverage this year. This means that you have more options than you did in previous years, so you should take time to review them to shop for a plan.
Utilize subsidies around you
Affordable Care Act enrollees who make below certain income limits may qualify for cost-sharing reductions. These extra benefits lower your out-of-pocket costs (such as deductibles, out-of-pocket spending limits, and copays). But, they can be used only with a silver plan, Riggs says. The catch? Silver plans might have higher monthly premiums than other options (such as bronze-tier coverage). But you’ll usually pay less out of pocket when you use your silver coverage.
Visit us through Healthedly or give one of our agents a call to learn more about ACA enrollment.
For more information on health insurance or healthy tips, visit us through Healthedly Insurance Services to learn more.