9 Reasons You Should Compare ACA Health Plans Each Year
Now is the time to pick your health coverage for next year, as Affordable Care Act (ACA) open enrollment runs from November 1, 2022, through January 15, 2023. If you are covered by an ACA health plan in 2022, most states will auto-renew you in the same or similar plan for 2023 if you don’t choose another plan.
But if you auto-renew, you may not be getting the most out of marketplace subsidies and that plan may end up costing you more than another available plan. Comparing plans available in your area in 2023 is the best option. Here are 9 reasons why you should shop for a plan during open enrollment.
9 Reasons To Shop For A 2023 Health Plan
1) Your plan may not be available in 2023.
If you don’t select a new plan, the marketplace will try to enroll you in a plan that most closely matches the one you currently have. But that plan may cost more and the doctors you see may not be in-network.
- You will get a notice from the marketplace telling you the plan you’ve been enrolled in. If you don’t like the plan, you will have a few weeks in January to pick another plan. Why wait? It is easier to pick a new plan now, during open enrollment.
2) Your benchmark plan may have changed, which could cost you more money.
Your benchmark plan is likely to change in 2023, which could also change the cost of your plan. Because of the way subsidies are calculated, only the benchmark, which is the second-lowest cost silver plan, and the lowest cost silver plan have $0 premiums.
If you have the third, fourth, or other higher-cost silver plan, you will have to pay the difference in cost between your plan and the benchmark plan. In other words, if you picked a $0 premium plan last year, that plan may no longer be the lowest or second-lowest cost silver plan, meaning you may now have to pay a monthly premium for that plan.
3) Your plan premium may increase.
You may not be able to afford the new monthly premium in 2023. If you shop for a plan, you could find a similar plan that costs less.
4) New plans may be available in your area.
Every year, plans enter and leave the marketplace. You could get more value from a new plan. It might:
- Cost less
- Cover more services
- Have a larger network of doctors and other healthcare providers.
5) If you don’t complete a financial eligibility determination for 2023, you may not get the full premium subsidy you are eligible for.
Shopping for a plan could save you money by making sure you get the highest premium subsidy you qualify for.
6) Your income or number in your household changed.
Your household income and number of people you claim as dependents may have changed. You may:
- Be able to get more tax credits to reduce your monthly premium costs
- Save money by lowering your copays and deductibles.
7) The “family glitch” is fixed, meaning you or your family could qualify for subsidies through the ACA marketplace.
Before 2023, the affordability of job-based health coverage for a worker’s spouse and dependents was based on the cost of self-only coverage. New rules for the 2023 plan year base the affordability of family coverage on a worker’s premium contribution for family coverage.
If the cost of family coverage is more than 9.12% of your household income, your family members will now be able to enroll in an ACA health insurance plan and be eligible for premium tax credits based on their income.
8) Your health needs may have changed.
You may have had a health setback and need to visit healthcare providers more often than in the past. You may also be taking new medicines that might be less expensive through another plan.
9) The doctors you see or the pharmacy you go to may no longer be in that plan’s network.
Networks and drug formularies change each year. You need to be sure:
- All the providers you see and the pharmacy you go to are in the plan’s 2023 network
- All your medicines are covered and what they will cost.
American Exchange Can Find the Right Plan for Your Needs
Now you know why it is important to shop for a health plan each year. American Exchange’s ACA-licensed insurance experts can help you compare plans, prices, and networks at no cost to you. Get the most affordable plan that best fits your healthcare needs.
1.888.995.1674 enroll@americanexchange.com
