Obamacare enrollment starts Nov. 1. Here’s what you need to know
For months, executive orders and congressional debates have swirled around the law, officially called the Affordable Care Act. President
Most people in
Thinking of buying health coverage on the exchange? Here's what you need to know:
Consumers will have less time to enroll in exchange plans this year.
Open enrollment runs from
"We're all humans and we usually wait until the last minute to make decisions," said
Before
Many consumers will still get tax credits and reduced co-pays and deductibles next year.
People can make up to 400 percent of the federal poverty level (
Consumers below certain income levels will also still benefit from cost-sharing reductions -- reduced deductibles, copayments and coinsurance -- if they choose silver-level plans. Trump recently announced the government would no longer give insurance companies money to help offset those reductions to consumers, but insurers must continue to offer those reductions to consumers, regardless of whether they get those federal dollars.
This year, seven
Premiums are rising. Average rates are set to increase by 16 to 37 percent next year for the lowest-priced plans, according to the
"People who don't get a subsidy, they're the people that are harmed the most," said insurance broker
Some consumers should consider buying plans outside the exchange.
People who make too much money to qualify for tax credits might want to explore options outside the exchange. People can also buy plans outside the exchange, through insurance brokers or directly from insurance companies.
Trump recently issued another executive order that would allow consumers to buy short-term insurance plans for longer periods of time and let small businesses band together to offer so-called association health plans. Such plans might be cheaper -- and cover less -- than exchange coverage.
But that executive order has not yet been put into effect. Slayton recommends people buy insurance coverage soon, and not wait until the order goes into effect.
"I would absolutely, positively not recommend people wait," Slayton said. "My suggestion for people is sign up for something. If something new comes out, you can always cancel your coverage."
It's important to actively shop for a plan.
Consumers who have exchange coverage can, in theory, sit back and still have coverage for next year. Even if they don't shop, they will be automatically re-enrolled in their current plans or similar plans. This year, nearly 18 percent of
But that might not be the best idea, said
Insurers, including
Plus, for some shoppers, gold-level plans might actually be better deals than silver-level plans because of the way
When shopping, Slayton recommends consumers start by finding plans that include their preferred hospitals and doctors.
Help is available.
A number of organizations offer trained people, called navigators, who can help guide consumers through the process.
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