It’s time to pick your 2022 health plan! Open enrollment runs from November 1, 2021, through January 15, 2022. During this time, you can renew your health plan or pick a new plan for 2022.
If you have enrolled in a plan with the help of American Exchange, you should have gotten a renewal email or letter from the Marketplace and from your insurance company.
The Marketplace letter explains:
- What you must do to get a premium tax credit for 2022. You may have to send documents, like tax or income information.
- How to update your application to make sure you get the right savings for the year.
Your insurance company letter tells you:
- If your 2021 plan is offered in 2022.
- If your plan is not offered, it will tell you if a similar plan is available.
- Changes to the plan
- Your 2022 monthly premium cost after tax credits have been applied. The tax credit may be based on your 2021 information or on information the Marketplace has from other sources.
What Do I Need To Do?
You can do nothing or you can shop around. Doing nothing is risky. Comparing plans available is the best option. Here are 7 reasons you should shop for a plan during open enrollment.
Seven Reasons To Shop For A 2020 Health Plan
1. Your plan may not be available in 2022. If you don’t elect a new plan, the Marketplace will try to enroll you in a plan that most closely matches the one you currently have. But the plan may cost more and the doctors you see may not be in-network in 2022.
- You will get a notice from the Marketplace saying which 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 during open enrollment.
2. The doctors you see or the pharmacy you go to may no longer be in that plan’s 2022 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 2022 network
- All your medicines are covered and what they will cost.
3. Your plan premium may increase. You may not be able to afford the new monthly premium. 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 2022, 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 the number of people you claim as dependents could 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. You live in a state that started its own exchange for 2022 open enrollment.
- If you live in Kentucky, Maine, or New Mexico, you will have to claim your account on your state’s new healthcare exchange to be enrolled in a 2022 plan. You cannot auto-renew your 2021 plan.Healthcare.gov provides a link to each state exchange website.
American Exchange Can Find the Right Plan for Your Needs
Now you can see why it’s important to shop for a health plan. American Exchange’s ACA-licensed insurance benefits managers can help you compare plans, prices, and networks at no cost to you. Get the most affordable plan that best fits your healthcare needs.