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| What's New in the Health Insurance Marketplace |
Health Insurance Marketplace:
The healthcare industry constantly evolves, and the health insurance marketplace is no different. Recent events surrounding the pandemic have brought about several changes that people need to be aware of when shopping for health insurance. The Affordable Care Act (ACA) is still in place, and certain reforms have led to greater access to health insurance. In this blog post, we will discuss some of the changes and updates to the health insurance marketplace that you should keep in mind while purchasing health insurance.
Special Enrollment Periods:
In light of the COVID-19 pandemic, the federal government has opened special enrollment periods for individuals who might have missed the open enrollment period or who have lost their health insurance coverage. The enrollment period is open from February 15, 2021, to August 15, 2021. This period is essential for those who have been impacted by job loss or loss of employer-sponsored health insurance.
Lower Premiums and Broader Access:
Several states have introduced lower premiums, which will make health insurance more affordable for individuals. Additionally, some states have broadened access to health insurance and offered better benefits to a broad category of people, such as those with pre-existing conditions. These changes are good news for the uninsured or those who have limited access to health insurance.
More Telehealth Coverage:
The pandemic has led to a significant increase in telehealth use. Many plans have increased coverage for telehealth visits to meet the increasing needs of expanding telehealth services. Telehealth is especially beneficial to those in rural areas, who may find it difficult to make in-person appointments with healthcare providers. Telehealth removes geographic barriers, reduces expenses, and ensures that people have access to necessary healthcare.
Short-Term Health Plans:
Short-term health plans may seem like a good alternative to traditional health insurance because they are affordable and provide basic coverage for emergencies or unexpected illnesses. However, these plans may not cover pre-existing conditions, offer minimum essential benefits, and may have coverage limits. It’s important to understand that short-term health plans may not provide complete coverage, and those who need long-term health coverage may find it inadequate.
Mental Health Coverage:
Mental health coverage is essential for individuals who experience mental health issues and need access to appropriate treatment. Many health plans now provide mental health coverage, including access to licensed professionals and treatment options. The Mental Health Parity and Addiction Equity Act ensures that mental health is treated the same as physical health by health insurance providers and requires coverage of mental health conditions.
Conclusion:
As you can see, several changes and updates to the healthcare marketplace in recent times have made healthcare more accessible and affordable. It’s important to understand these changes and keep them in mind while shopping for health insurance. Additionally, staying informed and reviewing your health insurance policy annually can help you make the most of the available coverage. In case you have questions regarding how these changes can impact you or need assistance in selecting a health insurance policy, contact a licensed health insurance agent who can guide you through the process.
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