Health Insurance Flexibility
As part of the new stabilization ruling, the Centers for Medicare and Medicaid Services (CMS) have given insurers flexibility in terms of health insurance plan design. They’re not restricted to the metal tiers: bronze, silver, gold, platinum. Now, they can create different plans with lower premiums that are still considered qualified health plans (QHP). This is great news for consumers. For this next open enrollment period (OEP), there may be some new plans out there in addition to the existing metal plans. Specifics are not known. The new plan types may be titled specifically to differentiate them from the metal plans. Regardless, the plan flexibility will make health insurance premiums more affordable.
Since the new plans will be structured differently to make them cheaper, there may be gaps in coverage. With that said, individuals need to get some supplemental plans to cover those gaps. Additionally, supplemental plans will help cover out-of-pocket exposure. Already, deductibles are extremely high. And to make new qualified plans more affordable, the deductibles may be even higher. However, that’s not certain. As these changes are implemented, more updates will be forthcoming. What we can extrapolate from this is that the government is diligently working on our behalf to better the marketplace.
Have Health Insurance Questions?
We hope that this information on premiums was helpful for you.
Insurance is oftentimes overwhelming, and we want to shed light on the industry by answering your questions. Comment below and your question may be the topic of our next post!
If you liked this article, share it with your friends!
Empower Brokerage wants to help you find the insurance coverage you need and help you save money getting it. Stay on top of your health and give us a call at (844) 410-1320.
Get affordable health insurance quotes by clicking here.
See our other websites:
This article was revised on 5/8/24.