As always, there are changes in Marketplace Plans in 2022. Let’s discuss how to navigate Healthcare.gov to find the best possible plan.
Changes in Marketplace Plans in 2022
There will be some differences in 2022. The open enrollment period has been extended from Dec. 15 to Jan. 15. Additionally, extra premium assistance will be offered under the American Rescue Plan Act. If this legislation is not extended for another year (or perhaps indefinitely) premiums will increase drastically for many in 2023. Additionally, no extra assistance is being offered for those who had previously filed for unemployment.
Premium Tax Credits
To determine your eligibility for a premium tax credit, Healthcare.gov will ask you for information regarding your location, household size, and MAGI. Currently, there is expanded eligibility for tax credits and the size of the tax credits is more substantial. This is one of the major changes in marketplace plans in 2022! This is a departure from years past and may change again in the future.
In order to be eligible (and save potentially thousands of dollars per year), you’ll want to lower your MAGI. You may want to work with an accountant or contribute to an HSA to do so. HSAs are only available with high deductible health plans so first make sure that’s the most appropriate coverage for you and your family.
Types of Plans Available
Metal Tiers
There are four basic metal tiers:
- Bronze
- Silver
- Gold
- Platinum
Different metal tiers do not indicate better or worse coverage or benefits. They simply delineate the cost-share.
Bronze-Insurance pays 60% and you pay 40%
Silver-Insurance pays 70% and you pay 30%
Gold-Insurance pays 80% and you pay 20%
Platinum-Insurance pays 90% and you pay 10%
Usually, Platinum plans will have much higher monthly premiums.
EPOS vs. HMOs
Even with the changes in marketplace plans, it can be very difficult to find a marketplace plan with PPO coverage. Usually, you’ll have to choose between EPOs & HMOs.
EPOs:
- Coverage only in-network unless a medical emergency
- May need a PCP
- No referrals needed
HMOs:
- Coverage only in-network unless a medical emergency
- Must have a PCP
- Referrals always needed
How to Enroll
Although there are always changes in marketplace plans, the ways to enroll remain the same. You can:
- Use an Agent
- Use a Broker
- Call Healthcare.gov
- Use the Healthcare.gov website
You can always call an insurance carrier directly and work with an agent. Remember you will not receive an incentive or discount by doing so. If you go this route, you will need to contact each carrier separately.
You can work with a broker. A broker works for you, not the insurance carrier. A broker will help you comparison shop and look at multiple plans and carriers.
You can call healthcare.gov or use the website to enroll directly.
If you’d like our assistance, please call us at iHealthBrokers at 888-918-0518 or schedule a call today. Our services are 100% FREE.
Jesse Smedley is the Principal Broker for iHealthBrokers and the founder, president, and CEO of Smedley Insurance Group, Inc. and iHealthBrokers.com. Since the inception of SIG in 2007, Jesse has been dedicated to helping people save money on their health insurance by providing them with resources to educate themselves on all their health insurance options, both under age 65 and Medicare beneficiaries. He is featured in many publications as well as writes regularly for expert columns regarding health insurance and Medicare.