The open enrollment period this year for those who purchased healthcare insurance through the Affordable Care Act (ACA) is from November 15, 2014 to February 15, 2015. If you would like to switch plans and want your new healthcare plan to start January 1, 2015, then you must change your plan by tomorrow (December 15). One big reason to make a switch is if your current plan increases its cost (or decreases its coverage).
If you have not visited HealthCare.gov by tomorrow, then you will auto-enroll into your current plan for 2015 even if some alterations to the plan have been made by the insurance company. Note you can still change plans up to February 15, 2015 (the end of open enrollment), but the new plan won't take effect until after January 1, 2015.
My healthcare plan does not deviate much from year to year because it has been around for so long. The Affordable Care Act, on the other hand, is only one year old, and the insurance companies are still learning what they can charge their customers in terms of premiums and deductibles. Thus, experts are encouraging people to check for any changes to their plans, and to shop around for the best deal.
The New York Times reports that the price to renew the cheapest Silver Plan in any given geographic area is going up on average 8.4%. On the other hand, by switching to a different cheaper plan, consumers can reduce the increase to only 1%. This is because premiums for popular plans are rising more than less popular plans; insurance companies are expecting people to exhibit inertia and not change plans.
Indeed, experts predict that only 10% or so of people will change plans:
“People don’t go back and choose again,” said Robert J. Town, an associate professor of health care management at Wharton. “And that’s why they end up in a bad plan.”
On the other hand, it is important to mention the primary drawback for switching plans which is that for many this may also mean switching doctors, and some may feel comfortable with their current medical arrangements.
There is a webpage for comparing plans on the HealthCare.gov site. In addition, the journalism website ProPublica offers a tool for calculating and comparing premiums, deductibles, and out-of-pocket costs for different healthcare plans offered in the 34 states where the federal government is overseeing the marketplace.
It makes sense to shop around and compare healthcare plans. Remember although the initial deadline is tomorrow, you can still make a change before Feb. 15, 2015 although it will not take effect until after Jan. 1, 2015.
By the way, the HealthCare.gov website is working just fine this year (Figure 1).
Figure 1. It is that time of the year to revisit Healthcare.gov.
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