The Affordable Care Act (ACA) was supposed to make healthcare more affordable for ALL Americans. And while it seems to have helped lower income people pay their monthly premiums by giving them subsidies, the people who don’t qualify for those subsidies are now suffering more than ever before. Why?
Premiums are going up, up, up – just like President Obama said they wouldn’t – and competition in the marketplace is lessening, as health insurance companies are bailing from the market in droves, like rats from a sinking ship. So if you’re not getting that government handout in the form of a federal insurance subsidy, you’re getting priced out of the market. Sometimes it seems to me that those who must buy individual health insurance at full price are on a road to nowhere.
So how do you survive 2017 Open Enrollment? Here are 3 great tips to surviving and thriving in the Obamacare market.
Tip 1: Keep an eye on the mailbox
Make sure you watch both your “real” mailbox as well as your electronic one. Many companies are going to be leaving the individual health insurance market, or at the very least pulling certain plans. Many hundreds of thousands of people will have to find a new company or a new plan, or both. You should be notified by “snail” mail and/or email by your company.
Many times when a company decides to stop selling a specific plan in your area, they’ll automatically switch you to another plan. Don’t let them make the call for you. Do your homework, use our instant quote engine, and find the best plan at the best price. You can also count on our team of Personal Benefits Consultants for help with this as well, at no additional charge.
Tip 2: Snooze you lose
We’re anticipating a lot of people in the individual insurance market will be looking to change plans this year. And because options will be limited, many people will be scrambling. Get started as soon as possible. Soon all carriers will have their rates and plans approved, and we’ll be able to tell you what your options are, and guide your through the process. But we’re going to be extremely busy, so get in touch with us now, so that we can start looking as possibilities for you.
Tip 3: Expand your thinking
It turns out that your healthcare coverage options may include something new, that’s not even insurance. Faith-based health sharing plans have been around for 20 years or more, and they survived the Obamacare regulations that have caused so many insurance companies to say, “Sayonaura!” to the individual health insurance market.
Faith-based plans aren’t insurance, but they are a legal way for you to opt-out of expensive Obamacare plans. And we’re finding that people are cutting the monthly expenditures by half or more.
And you don’t even have to wait for the OEP to start on November 1 – you can sign up for these plans any day of the year!
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.