US Health Insurance for 2020: Important Dates and Dates

Open enrollment for 2020 Health Plans begins on November 1, November 2019.

Photo: Depositphotosanc

Remember important dates recommends Health agents:

26 October 2019: Insurance plans and benefit information are published—time to plan your insurance purchase.

November 1 2019 of the year: Open enrollment begins—on day one, you can enroll (for the first time or re-enroll) or change a 2020 health insurance plan on the Health Insurance Marketplace. Insurance coverage may become effective as early as January 1, 2020.

December 15 2019: The last day to register or change coverage plans that start on January 1 on January 2020.

Do you still need 2019 year coverage, and is the deadline ending?

You can still get health insurance if you qualify for a special enrollment period due to a qualifying life event—such as getting married, losing other coverage, or having a child. A special enrollment period is a health insurance period that lasts most of the year (January 1 to October 31) and requires supporting documentation of a significant event.

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If you qualify for SEP, you usually have up to 60 days after the event to register for the plan. If you skip this window, you will have to wait until the next open registration period to apply.

Short term coverage

Apply for a short-term plan for the rest of the year or start on January 1st. These plans are cheaper than many individual plans, but they do not cover some of the major benefits, such as maternity. These insurance plans are the best option if you do not qualify for a special enrollment period.

Changes in the insurance market in 2019 year

Health Insurance Benefits

An individual mandate was canceled in 2019: this means that Americans who do not have health insurance in 2019 can avoid a tax penalty. The new rule provides for exceptions for residents in districts where no health insurance company provides insurance coverage, or only one insurer offers it.

Check tax exemptions

Another rule is being introduced in an attempt to improve the Advanced Premium Tax Credits (APTC) program. This will involve introducing "tighter checks", which will see tougher measures taken to ensure those claiming enhanced tax breaks actually earn the income they claim. The new measure will disqualify any filer who fails to file taxes or comply with previous APTCs.

Market stability

The Medical Loss Ratio (MLR) has been enacted in accordance with the Affordable Care Act. MLR is estimated from 0% to 100% and measures the amount of money from contributions of participants spent by insurers on the requirements of participants, and not on overhead costs. For example, if a medical insurance company allocates 0,90 dollars for every dollar to cover medical requirements, and the remaining 0,10 dollars go to cover overhead costs, the MLR for this insurer will be 90%.

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Obamacare had the so-called 80 / 20 rule, which meant that health insurance companies should have an MLR of at least 80%. For health insurance companies offering coverage of large groups (usually up to 50 or more people), this minimum figure jumped to 85%. The innovation will weaken the Obama-era MLR rules, helping to “ease the burden” for health insurance companies. This would allow more companies to enter the market and create more competition in an attempt to lower costs.

Tariff Rates

Under the Affordable Care Act, insurance companies were required to justify any increase in premiums by 10% or more, but that number would increase to 15% in 2019. In addition, the new rule will involve state regulators in the rate review process and free students' health insurance plans from federal tariff review requirements.

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