As the cost of medical care rises, so does the need for quality health insurance. It’s one reason why healthcare continues to be a major benefit offered by many employers to full-time and permanent employees. But now that you’re on your own, how do you create your own coverage?
Enter the Affordable Care Act (ACA) marketplace. Like Medicare supplements, ACA plans are standardized by the Federal Government with minimum benefits, it’s actually run by each state. That’s why you’ll find some states using the HealthCare.Gov marketplace website, while others have set up their own website and plan options.
The Affordable Care Act changed everything about healthcare for contractors, freelancers, 1099s and part-time employees who don’t have access to group benefits. Here are key questions to ask to find a policy right for you.
It is possible to set up health care coverage comparable to big company benefits. In fact, 35 million Americans are currently enrolled in ACA plans. Here are 5 things you want to know.
In most states, Open Enrollment Period begins November 1 and ends January 15. You can enroll or change a plan anytime if you qualify for a Special Enrollment Period, like getting married, moving, having a baby, or losing other coverage.
Cost-Sharing Reductions (CSRs) are discounts that lower the amount you pay out-of-pocket for deductibles, copayments, and coinsurance if you enroll in a Silver-level ACA health insurance plan. These reductions are designed to make healthcare more affordable for individuals and families with incomes between 100% and 250% of the federal poverty level. If you qualify, CSRs can significantly reduce your medical expenses, helping you get the care you need without the financial strain.
Don’t just look at what a plan costs when you’re healthy, consider what it will pay when you’re sick.
All Marketplace plans cover 10 essential health benefits plus treatment for pre-existing conditions. If your health changes—for example, with ‘long COVID’—your coverage can NOT be canceled.
TIP: Know your deductibles and how your plan will work before you may get sick. If you’re in good health and want to save money, plans with higher deductibles generally offer lower premiums. ACA plans offer a variety of options within four ‘metal’ tiers: Bronze, Silver, Gold and Platinum.
ACA plans are generally the same in all states, although some states may add more options. Some plans add on health enhancements, like gym memberships, wearable devices such as fitness trackers or blood glucose monitors, nurse advice lines, health and wellness coaching, and more. However, enhancements are more often found in private plans outside the marketplace than ACA ones.
Navigating health insurance can feel overwhelming, but the good news is—you have access to Mercer Indigo to simplify your search.
With Mercer Indigo, you can explore healthcare as well as a variety of add-on coverages to customize your benefits package, including vision, dental, auto, homeowners insurance, and more.
Best of all: because you own your health insurance, you don’t have to worry about losing coverage if you get sick and lose your job. It truly is freedom. And what’s not to love about coverage that is portable?