Open Enrollment on Healthcare.gov begins on November 1 and continues through January 15. This is the time for individuals and families that purchase their own health insurance to review their options for next year. In some years in the past, there was little change from one year to the next. That is not true now. Changes are expected in the amount of Premium Tax Credit that someone will qualify to receive – even when there is limited change in the income that you expect to earn in 2023.
We strongly encourage you to update your application for 2023 and make your plan selection. If you do not do this, then Healthcare.gov has the responsibility of selecting your coverage for next year. The agents at ComPro have been assisting clients with their Healthcare.gov enrollments since it began in 2013. We would be happy to help you, too.
BlueCross BlueShield of Nebraska is returning to the individual market and will be offering policies through Healthcare.gov for 2023. It will be the second year for Ambetter and Oscar. Bright Health is also returning. Medica remains the longest-term health insurance carrier, having been here since 2015.
That means there will be a total of five companies offering individual health plans in Nebraska. It has been many years since we had that many choices. Each of these companies will offer bronze, silver, and gold plan designs with multiple provider networks. Realistically, you will have over 100 options to consider for your health insurance in 2023. It will be awesome to have all those choices, but it will also be challenging to compare them. Using an agent that is experienced on Healthcare.gov will help you navigate these options.
The American Rescue Plan Act (ARPA) was passed in March 2021. This law changed the eligibility guidelines for Healthcare.gov by removing the upper income limitation and expanding the amount of Premium Tax Credit. The original law was in-force through December 2022. Those changes have been extended through 2025.
Those who retire before becoming eligible for Medicare can choose to continue as a COBRA enrollee in their employer plan or they can enroll in Healthcare.gov. Open Enrollment is the right time to consider whether COBRA is the better choice for 2023. Questions about how to estimate your income, whether you can continue to insure your 20-something kids, and what happens when a family member becomes eligible for Medicare are some of the most frequently questions that we answer. Let us know if you have similar questions or if you would like our assistance in enrolling in health insurance for 2023. For more information or to make an appointment, please contact ComPro at 402.488.5100 or visit our website at www.comproins.com.
By Chris McPike – Individual & Senior Benefits Manager, Agent