A Buying Guide To Affordable Health Insurance
Outside of Open Enrollment, millions of Americans can still be able to buy ACA-compliant individual health insurance plans if they qualify for a special enrollment period.

Buying affordable health insurance for 2020: Quick Facts:

  • Open enrollment for 2020 coverage has ended, but opportunities to enroll in ACA-compliant coverage are changing by the day in response to the developing Coronavirus crisis.
  • The open enrollment period (OEP) is an annual opportunity to shop for ACA-compliant coverage. If you don’t buy during this OEP, your buying options will be limited until the next OEP.
  • In any state, you can enroll outside of the OEP if you have a qualifying life event.
  • ACA open enrollment only applies to the individual health insurance market.
  • Consumers can enroll in ACA-compliant coverage through an exchange or off-exchange – and with the help of agents and brokers.
  • The ACA’s subsidies are critical to affordability.
  • For millions who can’t afford ACA-compliant coverage, short-term coverage could provide a temporary safety net.
  • Federal rules for short-term health plans, which took effect in 2018, have expanded consumers’ access to short-term plans in many states.

When does open enrollment end?

Open enrollment for 2020 ACA-compliant coverage has ended in all states, but opportunities for special enrollment have been changing in recent days in response to the developing coronavirus pandemic.

Outside of open enrollment, Americans can purchase ACA-compliant coverage if they have a special enrollment period – and some states have been adding coronavirus-related special enrollment periods in recent days. The next regular Open Enrollment will start on November 1st, 2020.

Can I buy coverage after open enrollment ends?

Although ACA’s open enrollment period has ended, millions of Americans still have an opportunity to enroll in an ACA-compliant plan (or switch to a different plan) – if they they’re eligible for a special enrollment period. And SEPs now include special enrollment periods triggered by the Coronavirus pandemic in the following states:

Read more details about SEPs triggered by exceptional circumstances. 

As our updated Insider’s Guide to Obamacare’s Special Enrollment explains, there’s a list of qualifying events that could trigger a special open enrollment window for you. Among them:

  • a permanent move outside of your current coverage area
  • involuntary loss of other coverage (as long as it was minimum essential coverage)
  • divorce, death or separation that results in a loss of coverage
  • change in citizenship or lawful immigrant status
  • growth of your family due to marriage, birth, adoption or foster care

Most special enrollment periods apply both on-exchange and off-exchange, although it essential for anyone who is eligible for premium tax credits to enroll through the exchange if and when they have a special enrollment period.

Depending on your household income, you may be eligible for premium tax credits (aka, premium subsidies) and possibly cost-sharing reductions (CSR, aka, cost-sharing subsidies). Don’t sign up for an off-exchange plan and miss out on the possibility of much more affordable premiums via a tax credit.

Without a qualifying event, ACA-compliant coverage is generally not available outside of open enrollment. (There are some exceptions: Native Americans can enroll year-round, and so can anyone eligible for Medicaid or CHIP.)

ACA open enrollment basics

Your options for obtaining ACA-compliant coverage are limited if you don’t enroll during open enrollment. The next open enrollment period will start in November 2020, for coverage effective in 2021.

The November 1 – December 15 enrollment window is for people who buy their coverage in the individual market. If you have employer-sponsored coverage – or if you’re covered by Medicare, Medicaid, Tricare or the Indian Health Service – different enrollment windows apply for your coverage.

Medicare’s enrollment window is similar, but it ends on December 7. And your employer’s enrollment window may very well happen during this time of year, but it will have its own dates. (If you’re eligible for Medicaid or CHIP, you can enroll at any time during the year.)

ACA plan shopping options

People eligible to enroll during the OEP or a special enrollment period have several options for buying ACA-compliant coverage:

  • Through a marketplace – your state’s exchange or HealthCare.gov. These exchanges vary by state, but were designed to make it easy for people to compare plans, determine eligibility for subsidies, and enroll in ACA-compliant coverage. Find out what type of exchange your state uses.
  • From agents and brokers, like those here at Group Plans Inc who are certified by the exchanges to help explain ACA-compliant coverage options, determine your eligibility for subsidies, and make plan recommendations based on your situation. A lot of the time this takes a lot of the guesswork out of buying a plan and your broker can help you process your claims, look up information, and help you understand how to use your benefits.
  • Through online portals – including healthinsurance.org – where you can find a quick health insurance quote or get help enrolling in an ACA-compliant plan from a licensed, exchange certified broker. (Call 1-844-608-2739 to talk to a certified broker.)

Is open enrollment or a special enrollment window an opportunity to buy ‘cheap health insurance’?

Open enrollment or a special enrollment period is definitely an opportunity to shop for affordable comprehensive individual health coverage. Thanks to premium and cost-sharing subsidies established by the Affordable Care Act (aka Obamacare), buying an affordable major medical plan is a realistic option for millions of Americans who are eligible.

Premium subsidies – which are actually premium tax credits – can lower the costs of any metal-level ACA-compliant plan bought through the exchange in your state (this includes plans purchased via “enhanced direct enrollment” entities that work with the exchange, as well as brokers and agents who help clients enroll in plans through the exchange). Here’s how to find out whether you’ll be eligible for a subsidy.

If you think it’s likely you’ll be eligible for a subsidy, be sure to familiarize yourself with the basics of ACA subsidies. You’ll want to make sure that you get the maximum subsidy but also that you understand your options for claiming your subsidy. (Your choice in how to receive a subsidy could determine whether you’ll end up repaying some or all of your subsidy.)

How much will health insurance cost?

The cost of your plan will depend on a number of factors, including some that are specific to you (your household income, zip code, tobacco use, and the number of people who will be covered under your plan) as well as things like plan availability in your area, and your state’s efforts to help control the cost of coverage. Health coverage is sort of like airline tickets: Chances are, you’re not paying the same amount as your neighbor. Roughly half of Americans get their health insurance from an employer — with varying premiums — and more than a third get coverage from Medicare — also with varying premiums — or Medicaid.

There are also about 15 million people who buy their own health insurance in the individual market. For these folks, premiums vary considerably based on where they live, how old they are, and how much they earn. In most states, premiums can also vary based on tobacco use.

So what are people actually paying for individual plans that they buy for themselves? As of mid-2019, there were about 10.2 million people with effectuated coverage through the exchanges. Their average per-person premium was about $593 per month, but that was before any income-based premium subsidies were applied: Eighty-seven percent of those enrollees were receiving premium subsidies, which reduced their monthly premiums by about $514.

There’s a lot of variation from one state to another — average premiums were $947 per month in Wyoming, and $391 per month in Massachusetts. But in every state, premium subsidies cover the majority of the premiums for the majority of enrollees. And millions of people, including more than 4 million who were uninsured as of 2019, can get coverage with no premium at all, because the available subsidies are enough to cover the entire premium.

People who don’t get subsidies pay full price, and this includes anyone who buys their coverage outside the exchange. But some of these people may have employers who cover some or all of the cost via a health reimbursement arrangement.

For people who simply can’t afford an ACA-compliant plan, short-term health plans are an option in most states. These policies can have premiums under $50 per month for younger people. And although the rates are higher for older people, a 50-something applicant will generally see numerous short-term plans with premiums under $250 per month.

What is Health Insurance?

Health insurance – also referred to as medical insurance or healthcare insurance – refers to insurance that covers a portion of the cost of a plan holder’s medical expenses. How much the insurance covers depends on the type of coverage and specifics of the policy.

Types of insurance include individual health insurance, employer-sponsored group insurance, Medicare, Medicaid, CHIP, Tricare and insurance for government employees (FEHB). If you’re reading this, it’s likely because you’re seeking information about individual health plans – which include Obamacare (ACA-compliant) plans.

Those plans are major medical insurance that was mandated by the law to include essential health benefits and offer coverage on a guaranteed-issue basis. Types of ACA plans include preferred provider organization (PPO) plans and health maintenance organization (HMO) plans, but also point-of-service (POS) plans and exclusive provider organization (EPO) plans.

Some people with individual market coverage still have grandmothered and grandfathered plans, although those plans are no longer available to new enrollees.

Coverage costs for the plan holder include premiums, deductibles, copayment and coinsurance.

 

For information on how to purchase Health Insurance, please contact your Arizona local and trusted advisors at Group Plans Inc for a quote, or for general
information! We are available to assist you with Individual plans, Group/Employer plans, Medicare, Short Term, Life, Vision, Dental and more!
We can be reached at (623) 889-7600!