As the open enrollment period for the 2024 health insurance schedule nears its end, an estimated number of Texans are exploring a myriad of providers and plans. According to Fox 7 Austin, experts have advised on the process, indicating over 10 providers, with more than 132 plans to choose from, exist in Travis County alone.
Kori Hattemer, Director of Prosper Programs at Foundation Communities, asserts that the range of alternatives is similar compared to the previous year. She explains, "We talk with them to understand their health care needs, what doctors they want to see, what prescriptions they have, and then look at their budget to see what they can afford to pay in premiums, deductibles, and co-payments," said Hattemer. The Healthcare.gov platform continues to expand its base of providers over time, giving customers an increasingly diversified marketplace.
Reflecting on the past year, the Austin Chronicle highlighted Hattemer's observation, within her four years in the organization, of providers' increased stability in the local health insurance market. She underscored the significance of evaluating options since the landscape is susceptible to changes, with providers constantly entering and exiting the market.
Although the attempts to extend Medicaid coverage and reduce insurance premiums through the Build Back Better Act were unsuccessful last year, the Inflation Reduction Act instigated this year has extended financial relief for those purchasing marketplace plans. Enhanced financial aid is now accessible based on individual income, leading to some clients having zero monthly premiums. Karla Martinez, Health Policy Analyst at Every Texan, provides further clarification on the sliding scale based on income, targeted at those without affordable health insurance coverage from their employers.
A significant change in the "family glitch" under the new IRS rule also merits attention. Previously, the entire family's eligibility for subsidies would be gauged by the affordability of the insurance plan of one person in the family, neglecting the additional costs incurred by other family members. This change now allows families to determine their eligibility and explore available plans more easily.
The current open enrollment period commenced earlier this month and concludes on January 16, 2024. For coverage to begin at the start of next year, enrollment must be done by December 15. As per Hattemer, after the open enrollment deadline, if individuals experience a significant life event like job loss, relocation, birth, marriage, or divorce, they may still have opportunities to enroll. However, enrolling should never take too long.
