So, 2020 has been weird, right? But what does it mean for your health insurance?
While there are no major changes in the market, here’s what we feel like you should know:
Explore Your Options.
If you feel like your income will drop in 2021, you may be eligible for a subsidy.
And, if this is the case, then the government will pay a portion of your health insurance premiums.
The subsidy will be sent directly to the carrier of your choice. Then, you will be responsible for the remainder, which will be much less for you.
I’m healthy and not subsidy eligible. Is there anything more affordable for me?
Yes! You may be a candidate for a short-term plan, which could cut your costs by more than half. These are the only plans out there that can still deny coverage for pre-existing conditions. So, be careful when you’re answering the health questions on your
application. Also, these plans don’t cover maternity nor do they have a drug card.
But, if this doesn’t apply to you, then this is a great way to still have insurance and cut your costs in 2021.
I’ve been laid off. Should I take COBRA?
Maybe? We recommend that you evaluate your options first. If you are healthy, then we suggest you wait through your 60-day window.
In the off chance that you have a major claim, you can always retro activate your COBRA policy and your claim will be paid.
But, if you didn’t have an incident within that time frame, then you have saved two months of premium. And, you’re still within your 60-day window to apply for a new plan in the marketplace.
What about Washington?
Unfortunately, this question is pretty impossible for us to answer. However, we feel like if there are any major changes to healthcare policy that it will take a while for it to take effect.
Reese McFaddin Gately is president of Workplace Benefits, a Daniel Island business that has been helping individuals and companies navigate their health, dental, life, disability and Medicare choices for 15 years. For more information, go to benefitwork.com.