Open Enrollment Begins for 2025
Medicare Open enrollment (annual election period) is from October 15th to December 7th. Obamacare open enrollment is from November 1st to January 15th.
Open enrollment for Medicare and Obamacare has begun and many of you may be getting mailbox-full of brochures and advertisements, while others may be getting emails and texts from insurance agents from all over.
The decision you make now can affect your upcoming year, so choose wisely! This is the time when individuals can make plan changes and enroll into new health plans. As you begin your health insurance shopping, there are a few important things you should keep in mind.
1. Shopping Online: Be careful when shopping for health insurance online because the first page is usually filled with listings from advertisers and lead generation companies. If you have ever made the mistake of putting your name and number on these sites, you may have experienced your phone ringing off the hook from insurance agents all over.
If you are going to go the Google route, look for an experienced local agent. You may also want to look at their Google ratings. This will give you some idea of their service and capabilities. Look for an agent who represents many companies and not just one.
2. Choose Wisely: There are many types of health insurance plans including Marketplace plans like Obamacare plans, limited benefit plans, scheduled benefit plans, accident only plans, healthcare ministry plans, and association plans. Unless you know the difference, it is easy to get sucked into a plan with limited benefits and high healthcare expenses.
3. Ask Your Friends: We have a lot of excellent insurance agents in our community. Ask your friends for a recommendation for a local agent. Remember, there are no discounts for going directly to the health insurance industry. The rates you will pay with an agent are the same as if you went directly.
Why not use the expertise of a broker and save yourself the time and the costs of making an error?
Many Changes are Coming
1. Starting in 2025, Geogia will have our own health insurance exchange called Georgia Access. Previously, we were going through www.healthcare.gov, which is part of the federal exchange. If you are going to do it yourself, you will need to create an account on the Georgia Access website to enroll for next year.
Although nothing is expected to change for the consumers right away, eventually we may have options such as additional health plans as well as easier enrollment into Medicaid. It remains to be seen.
2. Short Term Medical Plans now are limited to just three months in a year with one month extension for a max of four months in a year. This is a blow to many individuals who have been utilizing short term medical plan in lieu of marketplace plans, because the premiums for short term medical plans have been much lower for people who are not eligible for the Obamacare tax credits based on their incomes.
3. There are several Medicare advantage plans that are also being discontinued at the end of this year. If you received a notice on plan discontinuance, you should reach out to your agent right away to find a replacement that fits your needs.
Your marketplace plans and Medicare plans do auto renew in most cases unless the plan is being discontinued. Plan selection is based on rates, network of doctors and hospitals, and benefits. And since change is constant, it helps to have a professional assist you with this on an ongoing basis.
Moneywise is hosted by Rajesh Jyotishi with Shalin Financial Services, Inc. Rajesh Jyotishi is a registered representative of Dempsey Lord Smith, LLC, which is a registered broker-dealer and a member of FINRA/SIPC. Advisory Services are offered through Dempsey Lord Smith, LLC. Rajesh has been a resident of Atlanta since 1975 and in the financial services industry since 1991. For questions, he can be reached at 770-884-8175 or at RJ@shalinfinancial.com. |
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