Open enrollment season is here, and many people are shopping for insurance coverage in the marketplace or exchanges. HealthShare members are not exempt from the pressure and confusion of this time of year.
Here are a few things both current HealthShare members and those shopping for a HealthShare should know about open enrollment.
This is the time of year when the insurance marketplace and exchanges open, and individuals may select a health plan or make changes to their existing coverage. This period generally begins on November 1st and lasts until January 15th. For coverage that starts January 1st, individuals must be enrolled by December 15th (this may vary depending on your state).
To get started shopping for a marketplace health insurance plan, you can visit healthcare.gov.
While many members have been happy with health insurance alternatives, it is important to note that health insurance coverage is different from a HealthShare membership. If you already are a HealthShare member, you may still want, or need, to shop for a health insurance plan depending on your family’s situation. HealthShares are not designed to replace everything an insurance plan offers. This is one of the main reasons that HealthShares do not count as qualifying healthcare coverage under the Patient Protection and Affordable Care Act (ACA).
Members should do their homework and carefully consider their options, needs, and budget before making any commitments.
The ACA individual mandate requires that everyone in the United States have qualifying healthcare coverage. Previously, individuals were penalized for not having coverage, but the mandate is no longer enforced that way federally. However, there are a handful of states that still enforce a healthcare coverage requirement (California, D.C., Massachusetts, New Jersey, Rhode Island, and Vermont). So, depending on the state a person lives in, they may want to consider whether declining to enroll is best for them financially.
Some HealthShare members choose to rely solely on their membership for their healthcare costs. However, many choose to use their membership to supplement their health insurance plan. By combining the two, members may develop a strategy that targets both their major medical costs and their everyday needs.
Many people are shopping for both a HealthShare membership and insurance coverage, and this time of year can be pretty overwhelming. The good news is, there is no set timeframe for when members can enroll in a HealthShare. So, if prospective members want to enroll in a marketplace health plan, they should feel free to focus on shopping for that during open enrollment. Once members have found an adequate insurance plan, they can focus on finding the right HealthShare membership to round out their healthcare cost management plan.
Although making decisions about healthcare can be time-consuming, it is well worth the effort to develop a suitable healthcare cost strategy. Open enrollment season can add a bit of pressure and confusion, but members need not panic.