Health insurance open enrollment brings eye-popping increases for some, but not for all
The answer was eye-popping: Her premium is going from
"It's not a political issue any more, it's a cost issue," said Edwards, a 62-year-old Franklin resident.
She falls into one of the categories most likely to be slammed by insurance increases this year: Someone who buys an individual health insurance plan but who doesn't qualify for tax credits or subsidies through the Affordable Care Act exchange, or what many call Obamacare.
But when she went to a
"I was stressed over nothing," she said. "I urge people to come talk to someone to get over the fear and anxiety."
Those two scenarios and everything in between are playing out across the region as the chatter about health insurance moves from the political arena to kitchen tables. Open enrollment for the Obamacare federal exchange began on Wednesday and will run through
In a year when major insurers left or reduced their footprint on the individual exchange in the state, there's more reason than ever to do homework and ask for help.
Sharp premium increases will be the norm on the individual market for people who don't qualify for subsidies.
However, people who qualify for cost-sharing reduction subsidies or tax credits -- about 80 percent of current Virginia ACA enrollees -- will have the blow softened, and in some cases, even be paying smaller premiums.
For instance,
Edwards doesn't use the federal exchange, but buys an individual plan through
"I about fell out of my chair," she said. "I have to get it, but I'm thinking, 'Young people are not going to do this. They don't have the money.' "
Howie had been hearing all the rumblings about health insurance as well, so she started researching policies. Her husband, Mike, will soon be qualifying for Medicare, so she would no longer be on his employer-based insurance. He had retired a few years ago but qualified for insurance through his company until he reached Medicare age. This will be her first time looking for insurance on the federal insurance exchange.
She took to the internet to check some prices both on and off the exchange. Then, her phone started ringing off the hook with insurers pitching their wares. She and Mike headed to a signup session Wednesday at
Fortunately, she found out she qualifies for a subsidy, so her premiums are affordable. She said insurance shopping had been confusing up until that signup visit.
"I feel sorry for people who don't have anyone to help them or who don't have computers. It breaks my heart. We're in our 60s, we're smart people, and it's been overwhelming for us,"
She's also frustrated by all the slick mailings she is receiving from insurance companies: "That money could be used to reduce the cost."
If they qualify for a cost-sharing-reduction subsidy, they need to buy a silver plan on the exchange. People who don't might do well to look at other tiers and also seek options off the exchange, in case there are cheaper options there. Some insurers increased silver plan premiums more to make up for potential loss of federal payments.
It's best to look at all the plans available instead of simply renewing a current plan because there may be plans that are less expensive. People need to weigh monthly premiums against deductibles and co-payments and figure out how often they go to the doctor to make the best decision.
Also, check to see if your doctors and other health-care providers accept the insurance you're considering, and whether your prescriptions are covered.
Most households that earn enough to owe federal income tax must have health insurance or pay a fine due with their taxes. The fine for not having insurance is the greater of
This is also a common time for enrollment windows for employer-based insurance, so people are sorting through their options in that arena as well.
Mercer's 2017
Mercer's survey of 101 Virginia companies found that they expect to hold their cost increase to 3.6 percent in 2018 by making changes to plan design and vendors.
___
(c)2017 The Virginian-Pilot (Norfolk, Va.)
Visit The Virginian-Pilot (Norfolk, Va.) at pilotonline.com
Distributed by Tribune Content Agency, LLC.
Majesco to Report Fiscal 2018 Second Quarter Financial Results on October 30, 2017
Separate Acct No 49 of Axa Equitable Life Insurance Co Files SEC Form 485BXT, New Effective Date For Post-effective Amendment [Rule 485(B)(1)(III)]:…
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News