The New Year is around the corner. In fact, it is 18 days away. With healthcare insurance and reform being in the news a lot lately, it is hard to ignore the pressure for health coverage. Don’t fret, here are some insightful tidbits of information, you need to know about the changes in 2020.
The ACA or Affordable Healthcare Act, has not been repealed or replaced. In fact, most laws by democrats as well as republicans have been stalled. There is a ruling that is supposed to be taking place deciding whether the taxation penalty for not having healthcare is unconstitutional, after which, might reach the Supreme Court, but as of this moment, the ACA stands and open enrollment continues. However, earlier this year, individual states have taken into effect the repeal penalty and are not penalizing those who forgo healthcare coverage. The states that did not join are Massachusetts, DC, New Jersey and soon to follow, California and Rhode Island.
There is good news in all this ACA chaos. The average premiums are essentially “flat” for 2020, meaning the overall average reduction in premiums is due to new insurers entering (or even re-entering) the individual markets in many states, along with price reductions from existing insurers. Enrollee’s who premiums previously received 2019 subsides may find it even cheaper this coming year. However, it is advised to still shop smart and look into all healthcare plans.
However, there were some changes to healthcare in 2018 that continue to apply. For instance, if there was a cancellation for non-payment, and you reapplied to the same insurance, the insurance is allowed to require you to pay for a past due amount. Generally, one month of payment.
Along with all of these changes, there is a final change to the metal plans: Bronze, Silver, Gold and Platinum plans. The value of these plans was broadened in 2018 increasing the range that these plans can provide with lots of variation. What this means is, some plans, depending on metal level, will cover a certain percentage, like 60% of the allowable amount of services, after the deductible is met.
· Bronze ranges between 56-65%
· Silver ranges between 66-72%
· Gold ranges between 76-82%
· Platinum ranges between 86-92%
Some metal levels will have numerous design plans that vary in deductible, out of pocket maximums, copayments and coinsurance. It is imperative to look into all health plans to see what design and coverage amount is right for you.