If you are not aware, open enrollment began yesterday, Wednesday, November 1st and will remain open until December 15th. According to NBC News, over 12% of the adult population in the United States does not have health insurance – a percentage that has gone up since the election last November.
While Obamacare is not necessarily dead, there are three challenges that consumers are currently facing, and they include:
- Open enrollment this season is 45 days long – half the time of previous enrollment periods since the ACA took effect in 2013.
- The next challenge involves cost-sharing reduction payments (CSRs) that will affect customers based on where they live, how much they make, and what their needs are. CSRs are meant to reimburse insurers for lowering deductibles and depending on the criteria listed, this could pose financial benefits while it may deeply affect others.
- Lastly, the “Obamacare is dead and finished” myth that has many uninsured wondering if they are too late and no longer able to enroll.
Lobbyists are focusing on informing and educating consumers with the main points and the reality of where the ACA stands today. One of the most important things to keep in mind is to shop around. Different plans will cater to different needs at different costs. Another important thing to look at is the metal tiers that providers have set up for their model. Silver plans across the board qualify for CSR benefits which are the plans that will include the premium increases.
Last but not least, if your premium is set to increase because of the CSR, remember that this affects silver plans within the ACA exchanges only. Seek similar plans off the exchanges as they will not be affected.
More information and a better detailed article can be found here.