Important information to know about health insurance to save money

The average person is not aware of important insurance enrollment dates, terms, and discounts that they qualify for when shopping for health insurance. This makes it difficult for consumers to shop for different plans and compare different plan rates and benefits. It also leads consumers to miss the window for enrollment or pay more than they should for health insurance. Here are some tips that will get you on track and will have you ready come time for the Open Enrollment season.

Know important health insurance terms

such as insurance premiums, copayments, co-insurance, deductibles. These terms are key in understanding your policy and will help you when comparing plans. We’ve outlined some of the most important things to look out for when shopping for health insurance in a previous blog post. Read more here.

Know what type of premium tax credits you qualify for.

This is crucial for saving money on health insurance premiums. About 87% of people who enroll in an ACA plan receive a premium tax credit, according to the Centers for Medicare and Medicaid Services, but only about 16% of people who lack health insurance are aware they can get government subsidies. The American Rescue Plan offers increased tax credits that lower what you pay for health insurance through the exchanges created by the Affordable Care Act (ACA). Read more about how to save money under the American Rescue Plan here.

Know important enrollment dates.

A recent study conducted by Policy Genius found that almost 90% of people without health insurance couldn’t identify the open enrollment period to sign up for an Affordable Care Act (ACA) plan. Know what the important enrollment dates are to ensure you are not left in the dark when it comes time to enroll. Normally, enrollment in health insurance is only available during 0pen enrollment in the fall (which ends December 15), or during a special enrollment period triggered by a qualifying event. But to address the ongoing COVID pandemic, a one-time enrollment window has been opened in 2021; it will continue through August 15. After August 15, a qualifying event will again be necessary to enroll or make changes to 2021 coverage. Open enrollment will start again on November 1, for coverage effective in January 2022. Read more about important enrollment dates.
We know that buying health insurance can be overwhelming. We are here to help! Our goal at Standard Health is to simplify the insurance buying process as much as possible. Contact one of our dedicated customer support reps to assist you throughout the process. (866) 607-0305

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