The Affordable Care Act (ACA) is also known as “Obamacare”, or the federal health insurance “marketplace” or “exchange”.
The ACA’s 2021 Open Enrollment Period is officially here! Now is the time to renew or find a new 2021 ACA health insurance policy on the health insurance marketplace! This year, more people than ever are looking for individual coverage for several reasons, including those listed below!
Lower Rates and Expanded Carrier Options for 2021 ACA Open Enrollment
The Centers for Medicare and Medicaid Services (CMS) published a report in October that revealed a continual trend of lowered premiums for the upcoming year. Average premiums for the benchmark plan, which is the second-lowest-cost silver plan, dropped a total of 2 percent from the 2020 enrollment period.
This trend may be caused, in part, by the increase in competition within the 2021 ACA market. Compared to the 2020 enrollment period, 22 more issuers plan to participate in 2021, topping the charts at 181 total insurers on the Marketplace. This decrease in cost, coupled with a drastic increase in participating carriers, will allow consumers to be more selective in finding the right plan at the right cost.
Stability of the ACA
Since the ACA was signed in 2010, many have questioned the stability of the market; however, the ACA marketplace has continuously stabilized in the past years. As insurers have had time to learn how to best operate under the ACA, the marketplace has become stronger than ever before.
On November 10, The Supreme Court officially began the hearing of Texas v. California, which calls into question the constitutionality of the law without the presence of the individual mandate. Though a decision will not likely be made until spring 2021, hearings held so far indicate that the law will likely remain in place.
Coverage Loss Due to COVID
Due to the magnitude of the 2020 coronavirus crisis, more Americans need help finding ACA coverage than ever before. According to Kaiser Health News, “at least 10 million workers lost their insurance but that about two-thirds of them found alternative coverage — through a new job, Medicaid, a spouse’s or parent’s plan, or the ACA marketplaces. That leaves at least 3 million people without coverage, the most added in a single year since accurate record-keeping began in 1968.”
With so many Americans looking for individual coverage, the 2021 Open Enrollment Period offers a great opportunity for agents to help more people find plans that fit their budgets and lifestyles.
Health Insurance Questions?
As we prepare for another wave of coronavirus cases, healthcare and the associated cost is a top concern for Americans headed into 2021. It is important to have health insurance as prolonged feelings of anxiety and stress can affect overall physical and mental health. 2021 ACA health insurance can provide peace of mind to both you and your family.
Empower Brokerage wants to help you understand the insurance coverage you need and how to save money getting it. Stay on top of your health and give us a call at (844) 410-1320.
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