General enrollment in health insurance will be open until January 15th. If you’re under 65 and don’t have affordable health insurance through your employer, now is the time to consider your options.
Choosing a plan may seem easy, but professional help can save you money, avoid problems meeting your medical needs, and make it easier to stick with your plan. is even easier.
Many Medicaid enrollees will be disqualified and required to purchase health insurance, as will those who had coverage through the Friday Health Plan, which went out of business this year.
Look for health insurance that is compliant with the Affordable Care Act (ACA). This has changed the health insurance landscape, and some people don’t like that change. However, this has made health insurance available to more people.
“Each family’s needs are different, and it usually comes down to finding the right plan design, network of doctors and hospitals, and affordable premiums,” said Summer Westerbur of Colorado Springs-based Kairos Insurance Group. “It will be.”
She also points out that there are systems that look like health insurance but are not, and are not ACA compliant. These are called “private health plans” and religious health insurance.
Sandy Wilson of Aspen Insurance Group in Colorado Springs said she contacted one such insurance company and was told it was controlled by a board of directors that made claims decisions. This is different from insurance companies, which are regulated and spell out exactly what they cover.
The ability to find a plan on ACA Exchange may seem easy. We have great plans that are ACA compliant. However, you can hire an insurance broker to help you finalize your insurance policy, but the cost remains the same.
Westerbur points out the benefits of getting help from a professional.
“We simplify the process,” she said. “I’ve been evaluating her plans for 20 years, so she can choose a plan in two minutes that would take a client hours to read through. Insurance is very complicated, but having a broker gives you freedom. It will reduce the stress of joining.”
This specialized insight may include finding ACA-compliant insurance outside of the exchanges when lower premiums are available.
The benefit of processing your insurance purchases through an exchange is that you may qualify for a tax deduction based on your income. If your income is too high to qualify for a tax deduction, there is no financial benefit to buying insurance on an exchange.
“There are some great options this year, including two zero-deductible plans that I really like,” Westerbur said.
Apathy may be one of your biggest enemies when it comes to annual public enrollment in health insurance. Even if you have a good plan, there may be a better plan for you and your family.
Next week we’ll look at enrolling in Medicare.
Linda Reitz is a business columnist and certified financial planner. Contact her at [email protected].
