Buzz
The enrollment window on healthcare.gov closes on December 15, and the current administration might be banking on you missing this deadline. Remember, the Affordable Care Act remains active, so seize this opportunity while it’s still available. Here’s a quick guide if you’ve been procrastinating:
Who Should Enroll Immediately?
For those with employer-provided insurance, adhere to your company’s enrollment guidelines. Deadlines are likely approaching or may have already passed, as timelines vary by employer.
If you’re uninsured or rely on marketplace plans (via healthcare.gov or your state’s platform), now is the moment to take action.
Certain states have extended the deadline beyond December 15, so residents in these areas are in luck:
California: January 31, 2018
Colorado: January 12, 2018
Connecticut: January 22, 2018
District of Columbia: January 31, 2018
Massachusetts: January 23, 2018
Minnesota: January 14, 2018
New York: January 31, 2018
Rhode Island: December 31, 2017
Washington (the state): January 15, 2018
But isn’t it going to cost a fortune?
There’s both good and bad news. On the downside, healthcare costs—such as medications and treatments—are extremely high and continue to rise annually. Combined with political instability, this drives premiums even higher. Without subsidies this year, expenses will be steep.
On the bright side, subsidies effectively make insurance affordable for most exchange users. As prices increase, so does the financial aid provided.
Check out this chart. If your income is below 400 percent of the federal poverty line, you’ll receive a significant reduction in your premium costs (monthly payments). For those earning under 100 percent of the FPL, you’ll also benefit from lower out-of-pocket expenses, including deductibles and copays.
Here’s the most encouraging part: subsidies are performing exceptionally well this year, meaning many individuals can secure a bronze plan at no cost, and 80 percent of exchange shoppers will find plans priced at $75/month or less. If you’re considering a silver plan, it might be pricier than expected, making gold plans a more cost-effective option.
Is my plan from last year still good enough?
We always advise comparing options and verifying subsidy eligibility. This year, it’s even more crucial due to unusual political developments, which have caused some plans to be unexpectedly expensive while others are surprisingly affordable.
In the past, you could wait for automatic re-enrollment and then switch plans if unsatisfied. However, this year, auto-enrollment occurs after the deadline for changes, so don’t depend on it.
What should I do if the only plan within my budget has a high deductible?
High deductible plans aren’t ideal since you’re stuck paying a monthly premium and additional costs when you need medical care. However, they’re still far better than having no coverage at all.
First, remember that all plans come with an out-of-pocket maximum. In cases of serious accidents or illnesses like cancer, you won’t face astronomical bills. Your financial responsibility caps at $7,350 for individual plans or $14,600 for family plans. While this is a significant amount, it’s far less than the costs you’d incur without insurance.
Additionally, most routine preventive care is covered at no cost under high deductible plans. Services like checkups, flu shots, and pap smears don’t require you to meet your deductible first.
With deadlines approaching in most states, take action now and explore your options before it’s too late.
