4 Reasons You NEED to Pay Attention to ACA Open Enrollment This Year

The past couple of years have been unpredictable to say the least, bringing hundreds of thousands of hospitalizations and deaths due to Covid-19, as well as job losses and financial struggles to many. Because of all of this, it is more important now than ever to make sure you and your family are insured. Now is the time to do that: the ACA Open Enrollment Period is here, giving you the opportunity to find a great plan or make changes to the plan you already have. Don’t put it off, especially since this year there are so many reasons you need to pay attention to the Open Enrollment Period. 

1. More Options

option written with arrows around it pointing in different directions
More health insurance options are added in your area every year.

One of the most important reasons to look around during the Open Enrollment Period is that you simply might not be aware of all the options for plans and savings that are available to you. In fact, KFF polling finds that public awareness about ACA coverage options has fallen somewhat since the law passed a decade ago: for example, 59% of the public knows the ACA offers subsidies for marketplace health plans, compared to 75% ten years ago. 

The ACA is constantly changing and growing, providing more Americans with health insurance than ever before, both because of expanded access to subsidies and because some health insurance companies have been expanding into new areas and offering new health insurance plans around the country. That means you have more options than before, so there could be a better, more affordable health insurance plan out there that will provide you with more coverage. 

2. Greater Need For Insurance

The pandemic has proven just how necessary health insurance really is. Sure, Covid-19 testing and vaccines are free, but what if you or your loved one needs to be hospitalized? Without insurance, you would not be covered for the hospital bill you or your family would receive when being treated for Covid or any other illness, which could leave you with tens of thousands of dollars in debt. That could be avoided by having the right health insurance.

And what if you lost your job like millions of other Americans? If you did, you probably lost your health benefits along with your job; but just because you’ve lost your job, doesn’t mean you can’t  still find affordable health insurance with the help of an EZ agent. With all of the subsidies now available, you could possibly even pay $0 in premiums, which we will discuss later.

change ahead sign in green and white with an arrow pointing upward
Almost all health insurance plans will have changes in their plans, including price increase for the following year.

3. Changes to Plans

Less than half of all Americans (43%) know that Open Enrollment is the only time to sign up for Marketplace plans, meaning not only do many people miss out on signing up for health insurance, but many others don’t use the time to review their plans and make sure they’re still right for them. This is a big mistake, because your plan might actually have changes coming to it for the new year. For example, rates will most likely go up next year, and some plans will drop doctors and other providers from their network, while others will add more. Be aware of the changes to your plan and any other plans in your area, otherwise you might miss out on the right one for you! 

4.  More Savings

Now onto the savings you can expect to see this Open Enrollment Period! Thanks to President Biden and his American Rescue Plan Act (ARPA), you could qualify for a subsidized health insurance plan if your modified adjusted gross income is over 400% of the federal poverty level. For 2021, that’s about $51,040 for an individual. The ARPA also requires that Americans pay no more than 8.5% of their income on health insurance premiums, and provides a larger tax credit to people who already receive financial assistance. 

What does that mean for the average American? For most, ACA premiums will decrease by about $50 per month, while one administration official emphasized that 4 out of 5 people enrolling “will be able to purchase a plan for $10 or less per month.” This could make a huge difference in the lives of the 14.9 million people who are currently not insured in the U.S.

Comparing plans is the best way to find an affordable plan that provides the right level of coverage for you. Before you start doing the work of comparing on your own, come to EZ. We will make the process quicker and easier by comparing available plans in your area in minutes. Our licensed agents work with all the top-rated insurance companies in the nation and can go over your budget and needs, and find the best plan for you and your family – and we do all of this at no cost to you. To get free quotes, simply enter your zip code in the bar above, or to speak directly with an agent, call 888-350-1890.

The Complete Guide to Open Enrollment for Employers

It’s here! Open Enrollment for your group health insurance plan has come around again, running from November 1 – December 15. Now is the time when you can choose new benefits, or review and change existing health insurance benefits for your employees, and we get it: this time of year can be hectic and stressful, with all of the questions that employees (and you!) might have. Not only that, but you’ve got the weight on your shoulders of knowing that this is your one chance to get this done until next year! But don’t worry, we’ve got you – first, check out our tips below for a smooth Open Enrollment, and then speak to an EZ agent who can help you find the perfect plan for you and your employees. 

employees sitting at desks in an office
To qualify for group health insurance, your business must have at least 1 full time employee other than yourself or your spouse.

Does Your Small Business Qualify for Group Health Insurance?

Let’s start with the basics. If you’re new to offering group health insurance to your employees, you might be wondering how you qualify to offer it. Well, it’s actually pretty simple, and more likely than not, your business will qualify! You need to:

  • Have at least one full-time employee who is not the business owner, or the spouse of the business owner
  • Be legally registered as a business entity in your state (regulation for this varies from state to state)
  • Contribute at least 50% to your employees’ monthly premiums

Why Take Advantage of Open Enrollment?

Ok, so your business qualifies to offer group health insurance, but should you? And if you’ve already got a plan in place, why review it during Open Enrollment? Well, there are a few very good reasons to do both:

  • You and your employees can save money – Enrolling in a group health insurance plan is often cheaper than enrolling in an individual plan. Not only that, but the more employees you can get to sign up, the cheaper the plan could be.
  • Changes in life circumstances mean changes in insurance needs – If you do already offer group health, you definitely need to take advantage of Open Enrollment and use this time to reassess your and your employees’ needs. Has anything major changed, like births, deaths, or marriages? If so, you might be able to find a plan that offers better or more tailored coverage for a better price.
  • Group health can mean tax advantagesWho doesn’t love to save on their taxes? Take this time to look into ways you could be saving, like checking if you qualify for the small business health care tax credit, or by choosing to offer tax-advantaged healthcare options, like HSAs, FSAs, or HRAs. 

What Should You Be Thinking About When Choosing a Plan?

Another important basic step in the process: knowing what you should be thinking about when exploring your options. Here are 4 essential factors that should go into your decision-making process:woman in a blue button up shirt with her hand on her chin and question marks around her

  • Costs associated with the plan – You’ll want to consider how much employees want to pay in premiums, while also remembering that you have to contribute at least 50% of the amount each month. Also keep in mind things like deductibles, copays, and coinsurance that can all add up, depending on how often your employees access medical services. 
  • The metal tiers of available plansFamiliarize yourself with the so-called metal tiers of plans: Platinum, Gold, Silver, and Bronze. These terms have nothing to do with quality of care, rather they indicate what percentage of costs a plan will pay for covered benefits. For example, popular Silver plans will usually cover around 70% of costs, with the insured paying the remaining 30%. 
  • The type of plan you want – In addition to choosing a metal tier, you’ll also have to consider what type of plan you want to offer to your employees. For example, you can choose from HMO, PPO, POS, and EPO plans; each of these types of plan will offer different price points, since some are more flexible about things like network coverage.
  • Insurance companies – Check out which insurance companies offer plans in your area, and what their networks look like; you want to be sure that they offer affordable care in locations that are convenient for your employees.

What Should Employees Consider?

So you know what you need to be thinking about, but are you ready to answer your employees’ questions, or take on their concerns? You can help guide them in choosing or changing their plan by telling them to take the following factors into consideration:

  • The price of the plan – Let your employees know exactly how much the plan will cost them per paycheck.
  • Their dependents – Your employees should think about who they will need to have covered by their plan, especially if they plan on adding on family members in the coming year, or if they have added any new household members since last year. You’ll also need to make clear your policy on contributing to dependent coverage.person with a megaphone and exclamation points coming out of it
  • Any changes in coverage – Make sure your employees know what is covered under the plan, especially if there is anything new being added, like dental or vision coverage. 
  • Any added benefits – In addition, if your plan is going to have any new benefits, like telemedicine or wellness programs, let your employees know.

Top Tips for Employers

Group health insurance can seem a bit overwhelming, especially since studies show that 35% of employees have little to no understanding of their healthcare coverage! Not only that, but  22% of employees are confused during open enrollment, 20% are anxious, and 21% are stressed, so it can be tough to know how to approach this subject. But there are some ways to make the process go a little more smoothly. For example, you can:

  • Go digital – You don’t have to print out reams of paper, or have endless meetings with employees about benefits (which might be tough with all of the work-from-home going on right now)! Save paper, toner, and your and your employees’ sanity by offering everything in PDF form, and by considering holding a virtual benefits fair, which employees will be able to access when it works for them from the comfort of their home. 
  • Keep it simple – When emailing employees about their benefits, be as concise as possible, with price per paycheck and benefits clearly laid out, using language that is easy to understand. You can also include any FAQ sheets you get from your insurer or agent, as well as a glossary of terms and acronyms. 
  • Send out a surveyWhile you do have to be careful about privacy when it comes to employees’ health, there is no reason why you can’t send out an anonymous survey to find out what your employees are most interested in when it comes to their insurance plan, so you can either make a choice to change the plan you’re offering, or can recommend the right plan to them.
  • Be creative with your communication – Email is great, but you have tons of options when it comes to follow-up communication and reminders about enrollment, including:person sitting at a table with their cell phone in their hands
    • Text messages
    • Posters
    • A dedicated intranet webpage
    • Videos on screens in common spaces
    • Notices on paychecks (both hard checks and online)
    • A chat channel, through a platform like Slack
    • A Twitter chat, complete with hashtags that other employees can search

Yes, it’s Open Enrollment time again, what some might consider the most confusing time of the year. But you know? You got this, and we’ve got your back if you need help choosing, reviewing, or changing your employees’ healthcare plan. Come to EZ.Insure for a dedicated agent who can answer all of your questions, every step of the way, as well as find you fast, accurate quotes and sign you up for a great plan – all for free! No hassle, no obligation. To get started with us today, simply enter your zip code in the bar above or to speak to an agent, call 888-350-1890.

What Information Will You Need in Order To Enroll in a Health Insurance Plan for 2022?

The Health Insurance Open Enrollment Period, or ACA Open Enrollment Period, begins on November 1st and runs through December 15 in most states, or through January in a select number of states. You can change your healthcare plan during this time, or if you don’t have health insurance, this is the time of year to enroll. In fact, this is the only time you can enroll in an ACA plan, unless you experience what’s known as a “qualifying event” (like getting married or having a child), which would open up a Special Enrollment Period for you. Before you enroll in a plan, though, it’s important to first find out what kind of information you will need to complete your application.

Finding A Plan

illustration of a person holding a large magnifying glass looking through
The best way to find a plan is to compare each plan in detail, and the easiest way to do this is by working with an EZ agent.

Before we get into what you will need to enroll in a plan, let’s review how to find the best plan for your needs. The only way to make sure you’re getting the best plan for your needs is by comparing every available plan in your area, but this can be overwhelming and time-consuming, so make things easier on yourself by working with a licensed agent, who will have access to info on every plan’s coverage and price. An EZ agent can compare plans in minutes for you for free, saving you time and money, while finding the best plan for your medical and financial needs. 

Be Prepared 

While searching for a plan, you will need some important information to not only find the right plan, but to save you as much money as possible. To make the process go more smoothly, be prepared with:

  1. Your name, address, email address, social security number, and birth date.
  2. Your household size and income, with proof in the form of your pay stub, W2, or tax return. You’ll need this info for any plan you want to enroll in, but you’ll definitely want to use your financial info to check if you qualify for any premium subsidies or cost-sharing reductions, which could save you hundreds of dollars.
  3. All of your doctors’ names and locations so you can make sure that the plan you’re considering covers them. If your doctors are not in the plan’s network, you could end up with some surprise medical bills. 
  4. Any medications you are taking. Each plan has its own drug formulary, meaning each plan places medications in one of 4 tiers, which affects how much the drug costs. It is important to make sure that your medications are covered, and that they will not be too expensive for you.
  5. Payment information, preferably a credit or debit card.
black question mark in a yellow circle
The OEP normally ends December 15, but it is important to check within the state you live in, as some have extended the deadline.

When Your Plan Will Go Into Effect

Once you’ve given all of this information to your agent, and you are all set with an affordable plan, your next question might be “When will my plan go into effect?” In states where the ACA Open Enrollment Period ends December 15, coverage will take effect on January 1st. If you already have a plan, and are switching to a new plan, your current plan will end December 31st, and the new one will begin January 1. If you are in one of the states that has an extended Open Enrollment Period through the month of January (California, Colorado, Massachusetts, Nevada, New Jersey, New York, Pennsylvania, Rhode Island, Washington, and Washington D.C.), your new plan’s coverage will begin February 1st. 

Need Help?

It is possible to find affordable plans, and with President Biden’s American Rescue Plan Act (ARPA), which expanded premium subsidies to more Americans, you could save anywhere from $50 to $1,000 a month. Finding an affordable plan can be time-consuming and confusing if you’re doing it on your own, but it’s so much easier  with an EZ agent; with help from one of our agents, you can cut down on time and stress, and save as much money as possible. Our highly trained agents work with the top-rated insurance companies in the country, and can compare plans for you in mere minutes; not only that, but our services are completely free. To get free instant quotes and guidance, simply enter your zip code in the bar above, or to speak to one of our local licensed agents, call 888-350-1890.