Health Insurance Open Enrollment Starts Now

Because of COVID-19, Americans had an extra opportunity to sign up for marketplace health insurance. While that Special Enrollment Period is over, the annual Open Enrollment is about to begin

If you are currently uninsured or underinsured, Open Enrollment is the best time to get coverage. And with 2021’s new expanded health insurance subsidies, a lot of people are seeing much lower premiums than ever before.

Here’s everything you need to know about Health Insurance Open Enrollment 2021:

Q: When is Open Enrollment?

Officially, Health Insurance Open Enrollment begins on November 1st and goes through January 15th. A few states will go a week or two longer. 

Q: What is Open Enrollment For?

Under the Affordable Care Act, marketplace health insurance plans can only be purchased during the Open Enrollment Period. This is also the only time that you can switch from one health insurance plan to another.

There are some exceptions to this rule. For example, if you lose your group coverage, move out of your coverage area, or have a child, you can qualify for a Special Enrollment Period.

Q: Should I Change Health Insurance Plans?

The #1 reason why people change plans during Open Enrollment is to find something with a lower premium. Because rates are changing all the time, it’s necessary to check-in with your plan options on a regular basis to make sure you’re not overpaying.

Even if you like your current plan, there’s a chance that you could be paying lower rates.

Q: Do I Qualify for a Health Insurance Subsidy?

Under the American Rescue Plan, there is no longer an immediate subsidy cutoff for people who make more than 400% of the Federal Poverty Level (FPL). In addition, subsidies for people making less than 400% FPL have been increased.

Long story short: If you have been going without insurance because you can’t afford it, this is a good time to take another look at rates and plan options.

Q: When Will My New Plan Go into Effect?

Whether you sign up for new coverage or just switch plans, the changes will take effect on January 1st, 2022. If you are in a state with an extended Open Enrolment period, any changes made in January will take effect on February 1st, 2022.

Q: What if I Still Can’t Afford Health Insurance?

It doesn’t matter if you can’t afford it or it’s just not a good fit: Traditional health insurance is not your only option.

At HSA for America, we’re also experts in Healthcare Sharing Plans, a flexible alternative to insurance that is saving people a lot of money. Compared to unsubsidized insurance, healthshare plans are about half the cost. Even better, you’re not paying for coverage that you aren’t going to use, or being forced into an Obamacare plan that you don’t like.

Need to Make Changes During Open Enrollment? Your Personal Benefits Manager Can Help

Remember: Not everyone will need to make changes to their health insurance during Open Enrollment. For instance, if you switched plans earlier this year, then you probably don’t need to switch again.

But if you need a lower premium or better coverage for 2022, schedule an appointment with your Personal Benefits Manager. The link at the bottom will take you directly to the scheduling page.

And for more information on saving money on health insurance, stay tuned to the HSA for America newsletter. In next month’s issue, I’ll be sharing some quick hacks for lowering your out-of-pocket costs in the new year.

Click here to schedule an appointment, or call 800-913-0172 to get started.    

To your health and wealth,

Wiley P. Long, III
President - HSA for America

The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.