Insurance is one of those things that can seem daunting if you don’t know the ins and outs of it. Don’t let the fear of not knowing something keep you from making decisions that are in your best interest.
Open enrollment runs from November 1, 2022, to January 15, 2023. This is the time frame when you are able to purchase your health insurance—a task that can feel daunting.
Okay, so now you know you need insurance and the time is here to get it, but you don’t really know what the best choice is. Insurance is not a “one size fits all” scenario. It’s completely dependent on your personal needs. “You don’t know what you don’t know,” is a phrase frequently used by the owner of The Insurance Source Guy Furay. That’s why education about insurance is so important, and why Guy wants people to know that insurance doesn’t have to be frustrating.
It’s also why their services are free. They will walk you step by step through the process of choosing the right plan for you.
But I have a friend who has XYZ insurance plan and they say it’s great so I’ll just choose that one. While that plan may in fact be great for your friend, it doesn’t mean it’ll be great for you. Remember, insurance is not “one size fits all.” Have you ever been in a store, picked up a shirt to see that the size reads “one size fits all” and then thought “yeah, right”? Insurance is the same way. It’s completely custom.
So, don’t rely on your friend’s recommendation, and when browsing healthcare plans, consider: Do you get sick often? Are you one of those people that only go to the doctor once every five years? How many medications do you take? Do you see a therapist or another specialist? Do you have any chronic conditions? Any family history of disease or illness? All of these will affect which plan is the best fit for you.
Another thing to keep in mind during this open enrollment season is the Family Glitch.
When the Affordable Care Act was first passed, there was a “glitch” in the system. Up until now, based on the 9.5% rule, if either spouse is eligible for affordable group coverage, then both spouses are ineligible for a premium insurance subsidy. See how this is a problem?
Good news—beginning 1/1/23, the family glitch is no more. Now, a spouse and any dependents can be eligible for subsidies even if the self-only coverage of the employee meets the affordability calculation.
Speaking of that number…the affordability percentage for this upcoming year is 9.12%—the lowest since the beginning of the marketplace.
Wait, I need insurance outside of the open enrollment period. Don’t worry, there are some special circumstances in which you can enroll outside of the open enrollment period. Those are:
If you recently had a baby
If you recently got married
If you recently got out of prison
If you got turned down for Medicaid
If you move or leave a job and therefore lose your coverage
If you start a new job that doesn’t offer health insurance
If your income is low, then you have extended open enrollment
Whether you’re planning to enroll during open enrollment or if you’re in a special circumstance, The Insurance Source can answer your insurance questions, no matter the time of year.