It can be difficult and overwhelming to maneuver through the health insurance plans in the United States. Therefore, it is essential to have a health insurance plan to take care of you and your loved ones in case of illness.
The Affordable Care Act (ACA) gives every eligible American an opportunity to purchase affordable health plans once a year. It’s known as the open enrollment period. The open enrollment period for 2022 is already here, and it’s essential to identify the right health coverage for you.
What Is Open Enrollment 2022?
Open enrollment for 2022 is a time window that begins from November 1, 2021, to January 15, 2022. If you purchase a health plan by December 15, 2021, your coverage will start on January 1, 2022. However, if you buy a plan after December 15, 2021, your coverage will begin on February 1, 2022.
The period is essential for anyone who doesn’t have health insurance coverage through an employer-based plan. It includes anyone self-employed, unemployed, or working for a small employer who can’t provide health insurance coverage.
If you miss purchasing a plan during the open enrollment period, you can still be eligible for 2022 health insurance. However, you must qualify for a Special Enrollment Period (SEP). You are eligible for a SEP if you have a qualifying life event such as losing health coverage, moving, getting married, or having a baby.
What Is the Right Plan for You?
When selecting the best health insurance plan for you and your loved ones, it’s essential to look for various aspects, but how do you know the right plan for you?
Affordability may be a significant factor, but choosing the best premium isn’t just picking the lowest premium. It’s best to evaluate and select a plan that balances both costs and benefits. Several tips can help you choose the best health plans:
Review Your Plan Options
It’s a good idea to look into the current plans in the marketplace even if you like your current ones. Changes happen in life, and it pays to look into plans that can offer the best care with potential challenges in mind.
Also, it’s important to note that premiums fluctuate every year. Sometimes, you’ll find plans with the same benefits but lower monthly premiums. You can also realize that your current premium has decreased.
Consider Your Projected Yearly Costs
You might decide to consider your monthly premiums when choosing your plan. However, having a broader perspective will benefit you. Besides monthly premiums, you need to look at your deductibles and coinsurance.
Deductibles constitute the amount serviceable before the insurance covers you. Once you’ve had your deductibles, the insurance pays a portion of your expenses. The portion is the coinsurance amount. A 20 percent coinsurance plan means you pay 20 percent of your costs while the insurance company pays 80 percent.
Consider How Much Healthcare You Use
Your healthcare usage is another critical factor when choosing a plan. Age is a good way of predicting your health care needs. A plan with lower monthly rates and a higher out-of-pocket rate is reasonable if you’re healthy.
Ask yourself questions like if you need routine checkups, if you want to have a child, if you have chronic conditions or if you travel often. Note that most plans don’t offer health insurance for your travels.
Consider Tax-Saving Health Insurance Features (HSAs and FSAs)
Some health insurance plans allow you to either use a Flexible Savings Account or a Health Savings Account. For FSAs and HSAs, you can put in pretax money for your medical needs, including copayments, deductibles, prescriptions, and dental or vision care.
With pretax money, you can make health care more accessible to you and, at the same time, lower your tax bill at the end of the year.
Protect Your Health
It’s in your best interest to understand each plan for the open enrollment 2022 period. Although this information can be a lot to take in, take advantage of your expert resources.
Our certified trained professional can provide all the knowledge you need about available options. Contact us for guidance in choosing the right plan.
Healthcare Solutions Team is a wholly-owned subsidiary of the National General Insurance Group and Allstate Insurance Company.