Is Health Insurance Renewal Right For Me?
Obamacare: Is Automatic Health Insurance Renewal Right For Me? There are Obamacare beneficiaries who opt for automatic renewal of their health insurance plan. Many think that since their personal circumstances have not changed, they cannot improve the conditions offered by their current plan. According to KFF, a publication specializing in health information, in the last three open enrollment periods, about 40% of participants re-enrolled that way.
But passive or automatic renewal, many times, puts the beneficiary at a disadvantage, by unexpectedly increasing the cost of the monthly premium when there are cheaper plans on the market with greater benefits.
What happens is that those who opt for automatic renewal may lose, for example, the new subsidies provided by the American Rescue Plan Act (ARPA). Something similar happened to 800,000 affiliates, who in the 2021 enrollment period, were automatically re-enrolled in bronze plans when the best option for them would have been the silver plans when applying the new ARPA subsidies. Obamacare: Is Automatic Health Insurance Renewal Right For Me?
Even if your personal circumstances have not changed, the smart thing to do is contact your Univista Insurance agent before January 15 to learn about the different plans and subsidies available for 2022 and choose the one that most benefits you and your family.