It’s November. That means one thing and one thing only. Well ok…maybe two things. It’s almost turkey time and it’s also open enrollment with your health insurance. With all the past confusion around Obamacare and the Marketplace, it’s sometimes difficult to figure out what exactly are the cold hard facts when it comes to buying your best health plan during 2019 open enrollment for plans that will begin in 2020. That’s where we step in.
What Are The Rates Looking Like?
Let’s talk about the one that’s on everybody’s mind—price. Remember in 2017 when rates went up by 76%? That is definitely not the case this year. On average, rate increases are only around 4.8% for the upcoming year, although on Group Health, it’s typically 10%. That is still the lowest since 2015.
Will I be penalized if I don’t have health insurance?
Nope! That is long gone. As of January 1st, 2019 the federal health penalty was eliminated.
When can I enroll?
Open enrollment is from November 1, 2019-December 15, 2019. This means that you can enroll or change your plan of coverage with your individual health provider or Marketplace plan. All plans will have an effective date of January 1, 2020.
What If I don’t enroll and change my mind later?
In order to enroll in a regular health insurance policy, you will have to qualify by having a change of life event. This includes death of spouse or partner in which you had coverage through, divorce, birth, or loss of a job or coverage through your employer.
What Are My Options For Health Insurance for 2020?
There are a couple of different directions you can go.
- The Healthcare Marketplace aka healthcare.gov - this is a individual health insurance policy that can be purchased through the government. This can be a good option if you qualify for a subsidy to lower your premium. To qualify your income must be above and below a certain amount. If you do not qualify for the subsidy, this may not be the best option.
- Individual Health Policies - In Oklahoma, you can purchase an individual policy. The top option for Oklahomans being Blue Cross Blue shield. Even though this is called and Individual policy you can add you family on this.
- Group Policy - This is for businesses purchasing a group health insurance plan for themselves and employees. A group health insurance policy can be started at any time, not just during open enrollment. In order to qualify as a group, you must have two people who are unrelated.
- Christian Sharing Programs - These are pools that can help pay medical bills. It’s important to know that they are not insurance. Most of stipulations and limited coverage but can be an inexpensive option as long as you know the rules.
What is the Difference Between Deductibles and Max Out of Pockets?
A standard group or individual policy will typically have a deductible and a max out of pocket. Both can range anywhere from $500 to $12,000. It’s important to understand what each does.
A deductible is the amount that the policy holder is responsible for before insurance will kick in. For example, if I have major surgery with a deductible of $1,500 then I am responsible for the first $1,500. Once I reach the deductible amount, the insurance company will begin helping me pay for covered claims. You may see something called Coinsurance on the policy. This is a percentage, typically 70%-80%, that insurance will pay for covered claims once I’ve met my deductible.
A Max Out of Pocket goes hand in hand with a deductible. This is the max amount that I will pay before insurance kicks in at 100%.
Does My Health Typically Include Dental and Vision?
Typically, health insurance is just going to include major medical. Dental and Vision can usually be purchased separately.
Need a quote your Oklahoma individual health insurance or Oklahoma group health insurance? Call or text our office at 405-373-2977