Your renewal notice is not the final word. Before agreeing to pay more, take a look at your income estimate, enrollment deadline and the alternatives available to you.
Hi, I'm Sam Jaber, a licensed health insurance broker. Every fall, I talk with people who open their renewal notice, notice the higher price and aren't sure what to do next. I get it. But before you agree to pay more, there are a few things worth reviewing, and we can take care of most of them in one phone call.
Your marketplace savings for next year depend on your income from the year before. HealthCare.gov explains that the previous year's income determines Marketplace savings for the following year. If your business did especially well, or your income went down, the savings shown on your renewal might not reflect what you will actually make. Update your application before accepting anything, so the price is based on a realistic estimate.
This is the easiest thing to check, but it's also something many people overlook. Your renewal might include more assistance than you should receive, or less than you qualify for. Looking at the income estimate behind it is how you find out.
November 1 is when open enrollment begins. To get coverage starting January 1, you must enroll by December 15. If you leave things as they are, HealthCare.gov may automatically enroll you again using an income estimate that no longer reflects your year. That's why I consider December 15 your actual deadline, regardless of the date shown on your letter.
When your household still qualifies for a marketplace credit after reviewing your income, the marketplace is generally the best starting point for affordable coverage. But your renewal is just one available plan. Look at the other plans offered in your area during open enrollment before deciding to stay with the one that renewed.
Next step: Before you accept the renewal, give me a call. We'll review the other marketplace plans alongside your renewal and check that the income estimate used to set your price is accurate.
When your income is above the credit range, you pay the full renewal price without assistance. That makes comparing your options important. If you're healthy and paying full price, you can look at your marketplace renewal alongside a medically underwritten private PPO. The right choice depends on your medical history and the doctors you see, so we'll go through those details together instead of making assumptions.
Next step: Call me with your renewal amount and income estimate. I'll lay out both options side by side so you can see what you're choosing before you commit.
An increase in your marketplace renewal doesn't mean PPO coverage is no longer an option. I can help you apply for a nationwide PPO in all 36 states where I'm licensed. Consider the marketplace price as one part of the decision, rather than the whole decision.
Straight answers, no sales pitch.
If you accept without reviewing the details, you could end up with a price that doesn't reflect your income. If staying with your current plan is your preference, confirm the deadline and check that your application uses the right estimate. Reviewing your options doesn't mean you have to give up your coverage.
Yes. You can review other plans and switch during open enrollment, so you're not locked into your renewal. For coverage beginning January 1, the deadline is December 15.
Start by going through your notice carefully, then visit the exits page for your state. Not sure whether your plan appears there? Give me a call, and I'll check before you decide what to do.
Not necessarily. After looking at the alternatives, you may find that the higher renewal is still the right price. What matters is comparing your choices before deciding to switch.
Send me your renewal notice along with your income estimate. I'll look at the offer against your other options and explain exactly when your deadline falls.
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