Open Enrollment Is Almost Here: What to Expect This Year

As I mentioned last week, we’re officially gearing up for Open Enrollment! Many of you have already started asking what to expect for next year’s health insurance plans, so I wanted to share what we know so far—and how you can prepare.

Pricing Isn’t Available Yet

At this point, I still don’t have access to next year’s plan pricing.

Insurance carriers typically release final Marketplace rates toward the end of October, which is when I’ll begin running quotes for the upcoming plan year.

If you’d like quotes for next year, I encourage you to email me now and let me know about any changes in your household. Having updated information ahead of time allows me to prepare your quotes so we’re ready as soon as enrollment begins on November 1.

Will Premiums Increase?

The short answer is: probably—but hopefully not dramatically.

Last year, many Marketplace plans experienced premium increases of around 37%, which was one of the largest increases we’ve seen in years.

Fortunately, historically, it’s uncommon to see increases of that magnitude happen in back-to-back years.

Insurance companies have already submitted their proposed rates to the State Board of Insurance earlier this year. Those rates have been reviewed, but they haven’t been released publicly yet.

I’m attending carrier webinars throughout the month so I can stay informed and share updates with you as soon as they’re available.

More Than Just Premiums Change

Even if you’re happy with your current plan, it’s important to review your coverage every year.

Plans often change in ways that aren’t immediately obvious, including:

• Deductibles
• Out-of-pocket maximums
• Copays
• Provider networks
• Prescription formularies
• Hospital participation

Currently, all Marketplace Bronze plans are HSA-compatible, and I expect that to continue, but we’ll know for certain once final plan details are released.

Don’t Rely on Automatic Re-Enrollment

One of the biggest mistakes people make is assuming they can simply let the Marketplace automatically renew their coverage.

While automatic re-enrollment may occur, it doesn’t always place you in the best plan for your needs.

Every year I recommend completing an active re-enrollment so we can:

• Review your doctors
• Review your prescriptions
• Update your income
• Verify household information
• Compare all available plans
• Make sure you’re still receiving the correct tax credit

A few minutes of review can potentially save you hundreds—or even thousands—over the course of the year.

Help Me Help You

Open Enrollment is my busiest time of the year.

I’m a one-person office, and I personally review every client’s coverage to make sure you’re getting the best option available.

If your situation is simple, you can help speed up the process by emailing me:

• Your current household income
• Whether your doctors have changed
• Whether your prescriptions have changed
• Any changes to your family or household

If everything is the same, I can quickly prepare updated quotes and make your re-enrollment process much smoother.

When Should You Schedule an Appointment?

If you’ve experienced any major life changes this year, it’s a great idea to schedule a consultation in October.

Examples include:

• Marriage or divorce
• A new baby
• Changes in household income
• New medications
• New medical conditions
• New doctors or specialists

Having this information before I run your quotes allows me to recommend the plans that truly fit your needs.

Looking Ahead

Last year brought so many Marketplace changes that many clients required multiple appointments to compare options. I’m hopeful this year’s changes will be less dramatic, making the process faster and easier for everyone. As always, my goal is to help you find the coverage that best fits your family’s healthcare needs and budget.

Thank you for your patience and grace during Open Enrollment season. I truly appreciate the opportunity to help each of you.

Schedule HERE for your free consultation.