People have until December 15 to sign up for health insurance under the Affordable Care Act, or to make changes to their current coverage.
Obamacare is still the law of the land. In spite of all attempts to destroy the ACA legally, politically and financially, it has not yet succumbed, but what awaits it in the year ahead is uncertain. It must be emphasized that this could be the last chance to sign up.
The ACA’s survival so far is close to miraculous. Not only has it endured but in some ways it has triumphed too. According to the Center for American Progress, there is still not a single county without at least one ACA insurer. The Center’s Emily Gee writes that:
About 80 percent of HealthCare.gov consumers can find coverage next year for $75 or less, a higher proportion than ever before, according to the U.S. Department of Health and Human Services (HHS).
A significant number of consumers will have options that have a net premium—the premium after accounting for any premium tax credits—of less than $10 or that is even free. CAP analysis (see Methodology) revealed hundreds of scenarios in which consumers would be able to obtain bronze, silver, or gold coverage for $0, options that were not as widely available at that price in 2017. We find that a single 27-year-old making $25,000 can obtain coverage for less than $20 in more than half of counties.
Gee points out that the plans automatically suggested by the site and the plans with the lowest premiums are not always the ones that offer the best value for the customer overall. Therefore, it is crucial for Healthcare.Gov customers to compare options carefully this year.
The Trump administration’s curtailment of reimbursement of cost-sharing reductions (CSRs) for silver plans has created a lot of confusion among the public. It has also led to surcharges on the silver plans and premium increases on all the plans. Paradoxically, though, this has not always compromised overall affordability because it has not affected the available tax credits. In many cases, 2018 customers who switch plans will wind up paying the same as, or even less than, in 2017 overall. Because the Trump administration’s heavy-handed intervention has diminished the insurance companies’ ability to apply standard underwriting calculations in determining rates, the more generous gold plans are now sometimes cheaper overall than the silver plans.
Nicole Spector at NBC News has written a helpful piece about benefits available through the ACA that many people are unaware of, including:
- Flexible spending accounts
- Free screenings
- Vaccinations
- Free breastfeeding help, including breastpumps
- Prescription discount cards
- Health savings accounts
The important takeaway is this. Don’t assume that you cannot afford health insurance. Go to Healthcare.gov and see what’s available. And don’t expect Donald Trump to waive the penalty if you don’t obtain healthcare.