As shoppers embark on their annual health insurance enrollment journey this week, they are coping with rising prices and decreased assistance amid a looming government shutdown. The deadline to choose a new plan is January 15 for most states, but selections must be made by December 15 for coverage starting on New Year’s Day.
The anticipated average premium increase of around 20% this year could significantly impact individual coverage costs, particularly as enhanced tax credits implemented during the pandemic face an uncertain future. These credits, crucial for many, could disappear if Congress does not act swiftly.
It's important to explore your options, even if it feels daunting, advises insurance expert Sara Collins. The federal program that aided millions in finding coverage has seen funding slashed by 90%, which threatens the availability of navigators who provide one-on-one assistance.
Prospective buyers are encouraged to consult state marketplaces instead of relying on search engines for accurate guidance. They can utilize healthcare.gov to start their applications for tax credits, which may help mitigate the impending financial burden.
With the stakes raised higher this year, timely action is critical. Shoppers are advised to act without delay to secure their health coverage, keeping in mind that aid and plans can be reassessed should circumstances shift during the enrollment season.
