As of June 2016, there were over 24 million people who took advantage of the Affordable Care Act (ACA). They purchased their health insurance through the act’s marketplace. It’s reasonable to expect that many more Americans will do the same this year and have coverage for 2017. If you are considering subscribing to one of the health care plans on the Market, then there are a few things you should consider.
You May Have Fewer Options Within the Marketplace
Many health insurance providers are leaving the Marketplace. Many providers reference the cost of expensive treatments for extremely sick individuals as one of the main reasons they are leaving.
With fewer healthy individuals purchasing health insurance, providers must cover expensive medical bills. If providers continue to exit the system, your healthcare choices may become narrower.
You May Not Receive a Premium Increase
If you’ve watched the news lately, you are likely aware that monthly premiums under the plan are going to increase. Although that’s true, the increase may not affect you at all.
People who are receiving subsidies to help cover a portion of their premiums will also receive an increase in their subsidies as well. Ultimately, the two increases will likely offset each other.
Experts estimate that the people affected by the increase can reduce the impact it has on their premiums too. New plans will emerge for 2017, and people could reduce the cost of the new plans by combining subsidies and tax credits. In the end, 2017 plans could be 20 percent lower than plans from 2016.
What You Should Do for Your Health Insurance?
How you approach your health insurance plan this year shouldn’t be different from other years. You should consider your needs and finances before you choose a plan that works for your family.
If you need help selecting a plan, then you should talk to a licensed insurance agent to get more information about the ACA, changes, and other options for health insurance plans.
Of course, you can always choose to purchase health insurance outside of the Marketplace.
After talking to you about your health insurance needs, we are happy to help you make an informed decision about the best health plan for your entire family. If you need more information about plans on the market or you simply want to discuss your options for health insurance, give us a call today at (978) 222-3939.