It Pays to Shop Around for Insurance Coverage

Consumers shopping for coverage during the 2019 health care exchange open-enrollment period, which runs from November 1 to December 15, may get a break in premium costs. For the first time since the Affordable Care Act was passed in 2013, premiums will go down, according to the federal Department of Health and Human Services. Prices on average are predicted to drop 1.5% for Silver plans, the most popular mid-range option on the health insurance marketplace exchanges.

A Brookings Institution report released in August concluded that without the Trump administration’s efforts to eliminate or water down the ACA, premiums would have dropped an average of 4.3% for 2019. Nevertheless, any reduction in premium costs is welcome, especially for people who don’t qualify for government tax credits designed to help with premium costs. Yet it bears repeating that consumers need to shop carefully on the exchanges.

The Trump administration has permitted to two alternative types of insurance to be sold that won’t be subject to the same ten essential health benefits standards as ACA-regulated policies. The administration loosened restrictions on both short-term health plans and association health plans, which are cheaper but often provide much less coverage of essential health benefits such as maternity care or treatment for preexisting conditions. If you’re searching on the Internet to find insurance information, these plans may turn up. 

Be sure to compare all levels of coverage carefully, especially if you qualify for a tax credit subsidy. Gold plans, for instance, come with higher premiums but lower deductibles and other out-of-pocket costs. For some consumers with high out-of-pocket costs, premium subsidies help make these seemingly more expensive plans more affordable than some of the higher-deductible Silver and Bronze plans.Check the provider directories of all the plans available on your exchange to see if your primary care providers are still included. If you can’t find your providers in the directory, call them to double-check if they’re still part of the network.