Everyone needs to pay attention to health insurance trends each year. Many people need to focus on Marketplace health insurance while others are heading toward retirement and need to start making plans. In either case, 2020 has changes that might affect someone, no matter where you are in your career, retirement or otherwise.
Here are three things you should look for if you need to think about health insurance carriers in 2020.
1. Choosing Your Marketplace Health Insurance Plan
A visit to Healthcare.gov can help you get started on understanding what you need for Marketplace insurance. The window for choosing a plan for 2020—also known as the open enrollment period (OEP)—started on November 1, 2019 and ended on December 15, 2020. For those looking ahead to 2021, the dates for OEP run during the same timeframe each year. One of the first things to consider if you need to choose a Marketplace plan is, which “metal” option is right for you. The metal categories are:
- Bronze: You pay 40% of the costs with the lowest monthly premium.
- Silver: You pay 30% of the costs with a moderate monthly premium.
- Gold: You pay 20% of the costs with a high monthly premium.
- Platinum: You pay 10% of the costs with the highest monthly premium.
Essentially, you might choose a bronze category metal if you are in relatively good health and want to plan for a worst-case-scenario. On the other end of the spectrum, if you are ill or suffer from a chronic condition and anticipate needing an array of expensive services, it may be worth it to pay a high premium to have 90% of your expenses covered.
Keep in mind that, no matter what category fits best, you can lower your premium based on your income.
By looking at each of the metal plans, your total costs for healthcare, and the different plans and network types, you can minimize the stress and confusion many healthcare consumers experience when trying to choose a Marketplace plan and carrier that works for them.
Finally, while re-enrollment is automatic if you had a Marketplace health plan the previous year, you may miss savings if you do not do your research about savings opportunities.
2. Purchasing Your Health Insurance Plan
You can buy health insurance directly from state or federal insurance exchanges, so make sure to check your state’s website to determine what is best for you, whether you are investing in individual or group health insurance, managed care, Medicare and Medicare supplement plans, or medical discount plans. From there, you can choose the best carrier for your needs.
3. Shopping for Competitive Rates, Policies and Services
If you are shopping for great deals for Medicare at age 65 as you plan to retire, Anthem is taking care of new and current members in 2020. Anthem takes the time to walk you through the process of enrolling in Original Medicare, Parts A and B, step-by-step, which offers many new members relief. You will find prompts asking about:
- How close you are to retirement since the best time to apply for Medicare is three months before turning 65
- Whether or not you are already receiving Social Security benefits
Make sure to visit the Anthem website for more information about services and savings you can enjoy on your path to retirement.
Finding a Health Insurance Carrier in 2020
Regardless of where you are in life or what your health insurance needs are, there is a plan and carrier for you. There is an excellent variety of options for finding a health insurance carrier for seniors considering Original Medicare with Anthem and for those working and deciding on a Marketplace carrier.
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