Individual Health Insurance
The Affordable Care Act (ACA) has had a tremendous impact on the individual health insurance market. By creating a national standard for health insurance underwriting, as well as a national individual open enrollment period, the ACA has made access to individual coverage more available. Hand in hand with that access comes a level of complications which is where an agent can be of significant value.
A couple of items to consider:
(this list is a good start, but it doesn’t cover everything)
- National Open Enrollment runs 11/15 – 2/15
- Working with an agent doesn’t change your cost – the premium is the same with an agent or dealing directly with the insurance company
- Every health plan must contain the same Essential Health Benefits with some amount of coverage
- Plans are organized by metal level
- Individual policies are guaranteed issue – no medical underwriting
- The policy year is a calendar year – deductibles reset on January 1st
- Understand and harness the Premium Tax Credit/Cost Reduction if they apply to you