Open enrollment for health insurance within the ACA has ended but you may still qualify through the current HealthCare Marketplace Special Enrollment Period (SEP). This article will explain how you may still be able to enroll and avoid a gap in your coverage. For help with enrolling, a licensed health insurance agent can help you with the process at no additional charge to you.
Healthcare without proper coverage will end up being very expensive in the long run because you’ll pay much more out of pocket for medical bills than you should. Now because of this special enrollment period it is possible to get the right coverage AND save money at the same time. Even if you missed out on open enrollment, keep reading to learn if you qualify to still get coverage during this special enrollment period.
Special Enrollment Based on Income.
The HealthCare Marketplace offers a special enrollment period (SEP) for those meeting certain income criteria. If you qualify, you can change your plan and have lower out-of-pocket expenses. If your income is at 150% or lower than the Federal Poverty Level (FPL), you qualify for special enrollment. This period runs through to the end of the year. If you don’t qualify, open enrollment starts on November 1st, 2022.
The U.S. Department of Health & Human Services created this year-round special enrollment period for any state that uses healthcare.gov including Florida. This requires the applicant to also be eligible for a premium tax credit that would cover the cost of the plan.
What You Can Apply for During Healthcare Marketplace Special Enrollment.
As long as you qualify by having an income no more than 150% of the FPL, you can utilize most all services via the HealthCare Marketplace. Most important is that you can apply for health insurance coverage year-round. The health plan must be Affordable Care Act (ACA) compliant, coverage takes effect on the first of the following month. A health insurance agent here at Absolute Best Insurance in Boca Raton, Greenacres and Port St. Lucie will be happy to help you apply..
Even if you already are enrolled, you can choose a different plan as long as you qualify for the HealthCare Marketplace special enrollment period. Be aware though that your deductible and out-of-pocket expenses are reset when the new plan takes effect.
While there are no limitations to the plan you choose, there are some plans that work better than others. If you qualify, then your income is no more than 150% of the FPL. Choosing the Silver plan is almost always the best choice. This is because the Silver plan has built-in cost-sharing reductions that make it superior to the Platinum plan.
What Else You Should Know About Healthcare Marketplace Special Enrollment.
Anyone receiving unemployment compensation may also qualify. The Build Back Better Act has stalled so this exception may not be permanent. New immigrants who are not eligible for Medicaid may qualify for this SEP.
If you are in any way unsure or not confident applying for yourself, contact one of our health insurance agents here at Absolute Best Insurance. We will be able to guide you in choosing the plan that best fits your needs.
Don’t go through the process alone, let one of our agents help you navigate through the application process at no additional charge. Call Absolute Best Insurance in Greenacres, Port St. Lucie and Boca Raton at (561) 420-0280 or click here.