As the saying goes, the only thing that is constant is change. This has been especially true in the health insurance marketplace as everyone – the government, health insurers, providers and the general public – is navigating new waters. With each new open enrollment period comes change and improvements to the system.
This year is no different. Make sure your knowledge is up to date as it will help you select the best health insurance plan for you and your family.
Here are the top 3 trends in this year’s Health Insurance Marketplace:
1. Standardization. One of the more surprising trends this year is that there is less change than expected. There were not a lot of new products introduced, but rather more tweaks to the plans already on market.
Insider tip: Don’t let this fool you. This doesn’t mean that you shouldn’t do your research. The minor changes might work in your favor or your plan provider may have removed a core component important to you based on your needs – double check the plan’s benefits before re-enrolling if you are happy with your current plan.
2. Affordability. This is a big one. Affordability continues to heavily influence the plan options on the marketplace. Insurers recognize the need for a variety of pricing structures that are affordable, yet still meet the health care needs of its members. Here are a few kinds of plans to consider this year:
- Narrow or limited networks – This plan is affiliated with a single health system with a pre-defined list of doctors and hospitals that you can use. In exchange for using one system of providers, you pay a significantly lower premium. Make sure you investigate the plan benefits fully and understand what doctors are part of the plans you’re interested in.
- High deductible plans with cost saving tools – The rising cost of health care deductibles is not new. According to the Kaiser Family Foundation, the cost of deductibles has increased by 67 percent since 2010. However, there are new options available to help manage these increases. For example, many companies are pairing these plans with a pre-tax Health Savings Account (HSA) option to help consumers save for any potential health care needs.
- Family plan out-of pocket maximums – This year, the government made a significant change to the way the out-of-pocket limit is processed under a family plan. The out-of-pocket limit for a family is $13,700. Under the previous system, if there was one sick family member, they could be responsible for the entire out-of-pocket limit. However, now, one family member cannot incur more than the individual out-of-pocket limit of $6,850. This will help curb costs for families, especially those families where one member requires more health care services than others.
- Rewarding behavior – Health plans are starting to explore the option of rewarding its members for cost-saving behavior and preventive behavior. For example, some plans, like Priority Health, are offering rewards for exercising or shopping around to compare costs for health care procedures before heading to the appointment.
