Open Enrollment is only five weeks away
This year Open Enrollment for people under age 65 for Individual and Family Health Insurance Plans begins NOVEMBER 1ST and ends DECEMBER 15TH, 2017. That’s right, just five weeks, so don’t procrastinate this year or you might miss it!
Prices are going up! Rate increases on average of 31.5% have been approved. That was before the current administration cut off funding for the Cost Sharing Reductions which will make it go up another 20% or so. What’s a Cost Sharing Reduction, you ask?
What the President is doing with Obamacare, explained
There are two parts to the subsidy for the Affordable care Act (ACA), also known as Obamacare: Premium Tax Credits and Cost Sharing Reductions. The Premium Tax Credit is the dollar amount that the government pays to reduce your insurance premium. This is still intact, so if you are eligible for a subsidy (you live between 100-400% of poverty level), the cost of the plan is reduced by a set dollar amount. The Cost Sharing Reduction part of the subsidy reduces the deductible and out of pocket costs for those persons that fall between the 100-250% poverty income level *.
For instance, if you pick a Silver Plan which has a $5,000 deductible with a Maximum out-of-pocket cost of $7350, and you are in the 100-250% of poverty level, you may have a deductible of $500 with a Maximum out-of-pocket cost of $750. These reduced deductibles and out-of-pocket costs will still be available, but unfortunately, this will most likely be achieved by increasing the premium for everyone overall. This adds another 20% increase, resulting in a total increase overall of over 50%. The President has put the ball in Congress’ court to authorize payment of the Cost Sharing Reductions. We will see how that turns out, and I’ll update this blog as more information is available.
*Income approximately $12,000 – $30,000 for an individual, $24,300 to $60,750 for a family of four
For now, this is what we know about Healthcare Insurance in Georgia:
GEORGIA will have 4 Insurance Carriers for 2018, at least one plan in every county. Humana has totally left the Individual Marketplace, following Aetna/Coventry, Harken and United Healthcare in previous years. Anthem Blue Cross will be offered in 85 RURAL COUNTIES, that have no other coverage option available.
The FOUR Carriers offering Individual Coverage (On or Off the Exchange) IN GEORGIA FOR 2018 ARE: KAISER, AMBETTER, ALLIANT AND BLUE CROSS. The availability per Georgia County in 2018 is as follows:
- KAISER: BARTOW, BUTTS, CHEROKEE, COWETA, DOUGLAS, FAYETTE, FORSYTH, LAMAR, NEWTON, PAUDLING, PIKE, ROCKDATE, SPALDING, WALTON, CLAYTON, COBB, DEKALB, FULTON, GWINETT AND HENRY
- AMBETTER: BARROW, BUTTS CHATHAM, CHATTAHOOCHEE, CHEROKEE, CLARKE, CLAYTON, DEKALB, ELBERT, FAYETTE, FORSYTH, FULTON, GREENE, GWINNETT, HARRIS, HENRY, JACKSON, MADISON, MARION, MUSCOGEE, OCONEE, SPALDING, TALBOT, WALTON, BAKER, CALHOUN, CLAY, COBB, CRISP, DOUGHERTY, DOUGLAS, LEE, MACON, MITCHELL, PAUDLING, QUITMAN, RANDOLPH, SCHLEY, STEWART, SUMTER, TAYLOR, TERRELL, WEBSTER, AND WORTH
- ALLIANT: BANKS, CATOOSA, CHATTOOGA, DATE, DAWON, FANNIN, FLOYD, FRANKLIN, GILMER, GORDON, HABERSHAM, HALL, HART, LUMPKIN, MURRAY, PICKENS, POLK, RABUN, STEPHENS, TOWNS, UNION, WALKER, WHITE AND WHITFIELD.
- BLUE CROSS: APPLING, ATKINSON, BACON, BALDWIN, BEEN HILL, BERRIEN, BIBB, BLECKLLEY, BRANTLEY, BROOKS, BRYAN, BULLOCH, BURKE, CAMDEN, CANDLER, CARROLL, CHARLTON, CLINCH, COFFEE, COLQUITT, COLUMBIA, COOK, CRAWFORD, DECATUR, DODGE, DOOLY, EARLY, ECHOLS, EFFINHAM, EMANUEL, EVANS, GLASCOCK, GLYNN, GRADY, HANCOLCK, HARALSON, HEARD, HOUSTON, IRWIN, JASPER, JEFF DAVIS, JEFFERSON, JENKINS, JOHNSON, JONES, LANIER AND LAURENS.
Slim Pickins, I say! All the plans except for ALLIANT are HMO’s and the networks can be somewhat limiting. Alliant has a PPO network, but you will pay for that!
If you are SELF-EMPLOYED (with at least two full-time employees), or have a SMALL BUSINESS, we can quote you on a Group Health Insurance with good networks, benefits and pricing are available. Please call to see what we can do for you 678-493-2115. (link to the page on Group health insurance info)
Until the next update,