The 2022 open enrollment period is rapidly approaching and the health insurance options available to you may be difficult to navigate and understand. To start, the enrollment period has two main plan options that you should consider – ACA or Non-ACA plans. Understanding each option will help narrow your search for a plan that best suits your needs in the upcoming year. Taking a look at both options can help you better decide what’s available to you.
ACA (Obamacare) Plans
Must enroll between Nov 1st and Dec 15th for coverage to start on January 1, 2022. Benefits include:
- Government subsidies are available for a family of 4 making under $98,000 annually.
- People with severe pre-existing conditions like recent cancer, stroke, diabetes, and heart disease might fare better under an ACA plan.
- Plans cover check-ups, physicals, and lab work at 100%.
- Most plans are HMO-type plans.
- Unlimited lifetime maximums.
- Covers the 10 Essential health benefits.
- Important to confirm that your doctor and hospital are in-network and that you have chosen a Primary Care Provider (PCP).
Non-ACA (Term] Health Insurance:
No enrollment timeframe. Coverage can be bound 24 hrs before the effective date.
- Plans are usually less than half the cost of a non-subsidized ACA plan.
- Must answer a few simple medical questions to qualify.
- Doctor, hospital, surgery, and labs are all covered expenses.
- Full PPO access with over 90% of all U.S. doctors and hospitals in these networks.
- Up to $5 million in annual coverage.
- Generally, lower deductibles and total out-of-pocket costs than an ACA plan.
- Coverage for accidents and critical illnesses is usually 100%.
When you evaluate the pros and cons of an ACA or NON-ACA plan, it’s important to identify the health care needs of your individual or family situation. Choosing the right healthcare coverage is more important than ever. The right plan can help you protect your assets and can be used as a strong recruitment tool for new employees. Understanding your options will help you choose wisely.
Author: Todd Page