Obama care Plans

ObamaCare Open Enrollment

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WHAT IS OPEN ENROLLMENT?

Open enrollment is a time period when it is open for everyone to enroll in a health care coverage plan. During this time, anyone has the ability to get coverage for themselves and their families for the next year. The signup period that takes place in 2020, for example, will obtain coverage for all of 2021. This time of the year is important because it is the only period where most people have the ability to adjust their plans. Unless you have a serious life event that qualifies you for special enrollment, then this is the only window to address these needs.

This period is also important for citizens who already have coverage. If you have a current plan, then you need to review it and re-enroll for the next year. This applies even if you wish to keep your current plan. Health insurance is vital to keeping you and your family well without draining your savings if there is an accident. To incentivize citizens to obtain some form of coverage, the government also issues penalties if you don’t have coverage. Schools and universities also require their students to have coverage before enrolling in classes. This plan, sponsored by healthcare.gov, is the best option for anyone who doesn’t already have coverage through an employer. The plans are becoming more popular every year. Over 11 million people enrolled during the 2018 to 2020 Open Enrollment Period.

How do I pay for coverage?

You need to decide what plan works best for your needs. You will have to decide on your optimal balance of premiums, deductibles, copayments, and coinsurance.

Premiums

Premiums are the monthly fixed costs you pay every month for health insurance. Factors that affect your premiums include: location, age, tobacco use, plan category, and dependents covered. However, your health, medical history, and gender cannot legally affect how much you pay.

Deductibles

Deductibles are the amount you have to spend on health services before your insurance company pays for anything. The exception to this will be any free preventative services.

Copayments

Copayments and Coinsurance are payments you make every time you pay to get medical service after you reach your deductible for the year.

The Out-of-Pockets Maximum

The out-of-pocket maximum is the most you have to spend for covered services in a year. After you reach this amount, the insurance company will pay 100% of the expenses if the services are covered.

The options let you choose whether you want to pay lower premiums and have a higher deductible or reverse that with higher premiums and a low deductible in case of a large incident. The plan that best suits your needs may not be the cheapest. Depending on how often you plan to use your coverage, the best option will shift. Take a look at all of the options in our marketplace before making a decision.

Eligibility for

Special Enrollment

Am I eligible for special enrollment?

If you have experienced specific life events, then you may be eligible for special enrollment. Some of the events that qualify include:

 

If you are starting a new job and your employer provides health coverage, then they will be able to enroll you in their plans at that time. You will have the choice to continue your current coverage or change to the employer’s plan. Deciding if you qualify for this special case will be something to discuss with the Human Resources department of your new employer.