The wave of job losses caused by the pandemic have disrupted many people’s incomes and insurance arrangements. Beginning in February 2021, President Biden opened a Special Enrollment Period through healthcare.gov for consumers, giving enrollees additional time to re-evaluate coverage needs with expanded tax credits or subsidies which help to reduce monthly premiums.

In an interview with GOBankingRates.com, Life & Health Agent Colleen Corrigan said if you enroll in a new healthcare plan through your employer or through Marketplace, you may be able to save money. On plans purchased through the U.S. government healthcare exchange website, Colleen commented, “Most people who do not have access to health insurance will qualify for a subsidy. The Centers for Medicaid & Medicare Services says on average, one out of four enrollees in Marketplace coverage will be able to upgrade to a higher plan category that offers better out-of-pocket costs at the same or lower premium compared to what they are paying today.” 

It pays to shop around for insurance coverage if you’re interested in getting the best coverage for the best price. Colleen added, “Many shoppers whose income is too high to qualify for a subsidy may be better off with health plans sold directly by insurance companies. These plans will not be listed on Healthcare.gov. A trusted broker can help you navigate these options. However, once a consumer begins shopping for plans outside of Healthcare.gov/Marketplace, the plans are not held to the same standards as the plans offered through the Affordable Care Act/Marketplace rules. These premiums are often lower in cost but will not include minimum essential coverage such as preventive care or pre-existing conditions.”

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Questions about health insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.