Preparing for 2021 Health Insurance Coverage

​Open enrollment is a period per year where you can sign up or change your health insurance coverage. If an employer offers the benefit, if you no longer want the coverage, open enrollment is often an opportunity to dis-enroll. It is vital to prepare whatever you need for when you renew or change your policy immediately.

What You Need to Know

1. Job-based Health Insurance
   Job-based open enrollment dates for health benefits are scheduled by the employer and can occur at any time of the year. It is most common for insurers to keep their open enrollment period in autumn so that the new coverage begins on January 1 of the following year.
2. Lower Premiums
   Even with the pandemic, lower premiums are expected. First, Congress eliminated the levy on health insurance, starting in 2021, leading to premium savings passed on to customers. In the individual market, insurers continue to owe record-high medical loss ratio rebates. This means that insurers are overpricing their goods and that decreases in premiums are required.
   
   For many insurers, the pandemic has contributed to more significant revenues, further incentivizing rate reductions. These factors have rendered it unsurprising for many insurers to decrease their 2021 premiums.
   
   

Health Insurance Coverage for 2021
Subsidy qualification in the continental US for 2021 health benefits applies to an income of $51,040 for a single person and $104,800 for four. In Alaska and Hawaii, the thresholds are higher since their poverty rates are higher. California provides extra state-based incentives for people with too high wages for federal subsidies from the ACA.

Rates may vary according to the state, the insurer, and the metal level (bronze, silver, gold, and platinum). Bronze plans usually have the lowest premiums, but there will be higher deductibles and co-payments. The policies for gold and platinum may have higher premiums but lower out-of-pocket expenses.

Conclusion
Unless you apply for a Special Enrollment Period, if you don't act by December 15, you can't get health insurance coverage for 2021. You can sign up online, over the internet, or in person for a health insurance plan.

At Hayek Insurance, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote.