The ColoHealth Health & Wealth Newsletter
January 2022
Vol. 12, Issue 1

URGENT: This is Your Last Chance to Sign Up for 2022 Health Insurance [Open Enrollment Ends January 15th]

Has Open Enrollment Been Extended for 2021?

Across the country, Health Insurance Open Enrollment has been extended to January 15th in all states. That means that there is still time to get a plan that will go into effect as soon as February 1st, 2022.

What Happens if I Don’t Sign Up for Health Insurance During Open Enrollment?

Open Enrollment is the only time of year to sign up for a marketplace health insurance plan. If you miss the deadline, you won’t be able to sign up for a new plan or even change plans until next year.

There are a few notable exceptions to this: If you lose your employee plan, move out of your coverage area, or get married or divorced, or have a baby, you could qualify for a Special Enrollment Period (SEP). (If you need help finding new coverage for your SEP, your Personal Benefits Manager is available for free consultations year-round).

Which States Have Open Enrollment Deadlines After January 15th?

All U.S. states have extended Open Enrollment to January 15th. But some states have extended this deadline even further, including:

• California: January 31st
• Massachusetts: January 23rd
• New Jersey: January 31st
• New York: January 31st
• Rhode Island: January 23rd
• Washington D.C.: January 31st

CHECKLIST: Do I Need to Do Anything During Open Enrollment?

Not sure if you need to change plans during Open Enrollment? Run through this checklist to find out:

1. Do You Need to Lower Your Monthly Expenses in 2022? Switching to a plan with a lower premium is one of the fastest ways to get this done. Many times, it’s actually possible to lower your premium without sacrificing coverage.
2. Have Your Health Needs Changed? If you think you’ll be using your coverage more than normal in 2022, or if you have a new condition or prescription, it might save you money in the long run to switch to a plan with more coverage.
3. Are You Ready to Open an HSA? Switching to a high-deductible health plan (HDHP) gives you access to Health Savings Accounts, or HSAs. These triple-tax-advantaged accounts give you more control of how your healthcare dollars are being spent. At the same time, they can be a big boost to your retirement.
4. Have You Checked Your New Expanded Subsidy? Federal healthcare tax credits have been expanded for 2022. That makes marketplace health insurance plans even more affordable for most people. Even if you already qualified for a subsidy in the past, there’s a good chance you will see additional savings.

What if I Miss the Deadline, or Obamacare Just Isn’t for Me?

Whether you miss the Open Enrollment deadline, or you just aren’t a big fan of Obamacare, you’ve still got some options on the table:

Health Sharing Plans are low-cost insurance alternatives that have exploded in popularity in recent years. There’s a lot of hub-bub in the news about whether or not Healthshare is legit, but we can say with confidence that it’s both more flexible and more affordable than most insurance plans. In addition, you can enroll in a health share plan any time of year.

Direct Primary Care or DPC is a membership-based health program. For a monthly fee that’s usually around $100, you can get unlimited visits with a Primary Care Provider. This is an extremely affordable way to keep your health in good shape, while also catching medical issues before they get bad.

Pro Tip: It’s possible to pair a Health Sharing Plan with a DPC membership and still pay less per-month than you would with Obamacare. Your PBM can help you get this done.

This is Our Busiest Time of Year … Act Fast if You Need to Make Changes to Your Plan

There isn’t much time left to get a health insurance plan for 2022, or to switch to a plan with a lower premium. If you still need coverage, make an appointment with a Personal Benefits Manager as soon as possible.

Our team is well versed in the 2022 plans and rates; We can get you paired with the right option in a matter of minutes.

To Your Health and Wealth,

Wiley P. Long III
President- ColoHealth

The ColoHealth Health & Wealth Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.

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