Guest column: Deadlines near to sign up for 2022 health insurance
Once again it is the time of year to make health insurance decisions. If you do not have insurance available through an employer and are not yet eligible for Medicare, then the Health Care Marketplace (www.healthcare.gov) is the place to turn for health insurance plans that offer comprehensive care (all 10 essential health benefits) and do not consider pre-existing conditions. In addition, the Marketplace is where you can get help paying your premiums, based on your income.
When selecting a plan in the Marketplace, be sure to check whether your medical providers are included in the insurance company’s network. That includes your physician(s) and clinics, as well as any hospital(s) you might use if needed. If your providers are outside the network of the plan you choose, your deductible and co-payments will be much higher than you would wish.
Cost factors will also play into your selection. The base premium for plans in the Marketplace is affected by your location, your age, and use of tobacco. That is because health care costs vary by location, and are higher for people who are older and who use tobacco. Two other factors also affect your cost:
Type of plan (bronze, silver, gold, platinum). Bronze plans have the lowest premiums, because they have higher deductibles and co-payments. Premiums increase as you go up in metal value. Platinum plans have the highest premiums, but lower deductibles and co-pays. Your preference will likely depend on your expected health care needs.
Your income. That’s right. Two people might pay different premiums even if they are both 30-year-old non-smokers who live in the same county and both chose a silver plan. The Marketplace is designed to provide more help in paying for health insurance to people who need it more. So when you enroll in a Marketplace plan, you will estimate what your household’s income will be for 2022. Based on that estimate, the system determines what your share of the premium for a silver plan should be, and the remaining amount will be covered by an Advance Premium Tax Credit, which is an estimate of how much help you are eligible for. All this is based on a baseline silver plan; you will get the same amount of help toward your premiums regardless of what “metal color” plan you choose. At the end of the year, your tax return will show your actual total income for the year. The actual income will be used to determine your final Premium Tax Credit amount. If you received too much or too little in advance, the difference will be taken care of on your tax return, by either increasing or decreasing your tax refund or the amount of tax you owe when you file. The Kaiser Family Foundation offers a useful tool to give you an idea of how much help you may be able to receive.
Open enrollment for 2022 health plans in the Marketplace continues through Jan. 15, but if you want your coverage to begin as early as possible, (Jan. 1) then you need to enroll by Dec. 15. Enrolling between Dec. 16 and Jan. 15 will get you coverage that begins Feb. 1. Enroll online at www.healthcare.gov or call 800-318-2596. A link is also available to find local help. In the Ames area, Mary Greeley (515-239-2111) or Primary Health Care (515-232-0628) are good resource for Marketplace enrollment.
You are welcome to contact me for information, but I do not assist in the actual enrollment process.
Barb Wollan is a family finance specialist with Iowa State University Extension and Outreach. For more information or for help with thinking through financial decisions, contact her through your local office of ISU Extension and Outreach (Story County: 515-382-6551 or www.extension.iastate.edu/story) or directly (515-832-9597 or bwollan@iastate.edu). This institution is an equal opportunity provider. For the full non-discrimination statement or accommodation inquiries, go to www.extension.iastate.edu/diversity/ext
This article originally appeared on Ames Tribune: Guest column: Deadlines near to sign up for 2022 health insurance
