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Tuesday, December 10, 2019

The hot buzz these days is “Medicare for All.” Medicare for all has split the country in two, one side saying how it’s too big of a price tag and the other side supporting it. Many from the millennial generation completely support the idea of Medicare for all. Millennials graduate from college, and before they start “adulting,” they begin the next stage of life with a massive amount of debt, so in all honesty, I don’t blame them. On the other hand, where would the money for Medicare for all come from? Also, you don’t get to choose what insurance plan you prefer; you get what the government gives you. At the end of the day, insurance needs to stop being treated like a business; it’s crucial for everyone.

We are still in Obamacare/ACA mode, it’s open enrollment and we must choose a health insurance plan for 2020. The deadline is December 15 for coverage start date of January 1. Unlike last year when the rates decreased, this year health insurance rates have increased by 5-7%. Which is news nobody wants to hear, but don’t worry, there are still great options out there for you…

There Are Still Great Options Out There—Including New Ones

Now—from November 1 through January 3—is “open enrollment,” i.e., the time to enroll in your 2020 health plan.

The good news is that there is still an array of good individual health care options available for you from various reputable carriers. We at Cosmo know these options inside out and will guide you towards the best option for you.

This year Horizon is offering an individual plan, Horizon Omnia Gold, that expanded their tier 2 network to cover individuals nationwide.

Oscar still has the most competitive catastrophic insurance plan for ages 29 and under. AmeriHealth Bronze Advantage plan is the most competitive for ages 30 and up.

Also, keep an eye out for the increase in the deductible and max-out-of-pocket increases by all carriers.

How to Choose a Plan

When assessing your options for next year, there are several essential things to keep in mind. First and foremost, bear in mind that if you earn below 400% of the poverty level, you can get significant federal ACA subsidies to pay for your premiums when purchasing a plan on the exchange. But be honest about your earnings. The subsidies are based on the income you project to earn in 2020. If you end up receiving more than what you tell the government now, you will need to pay Uncle Sam back next year for the excess he paid you this year. That’s certainly not on your wish list.

When choosing a plan, start by thinking about your health care priorities.

Ask yourself the following questions:

1. Do you typically use medical care extensively, perhaps for a chronic condition?

Yes: Consider a plan with higher premiums but lower deductibles and out-of-pocket costs.

No: Consider a plan with lower premiums but higher deductibles and out-of-pocket costs.

2. Are you under age 30 and generally healthy?

Yes: Consider a catastrophic plan.

No: Consider a plan with higher premiums but lower deductibles and out-of-pocket costs.

Whatever plan you end up choosing, the earlier you begin the process, the better. You will have more time to understand your options and make a wise decision. When you enroll earlier, you will have your ID cards in time and greater peace of mind in every aspect of your coverage. Waiting for the last minute to enroll can give you great headaches as well, such as having to delay your appointment with your physician even if you very much need the visit.

A little time and effort now can make an enormous difference throughout the next year, both financially and with the quality of your healthcare. Just give Cosmo Insurance Agency a call. We will simplify the process for you!


Dassi Shain works in individual sales at Cosmo Insurance Agency, which is based in Ocean County. Cosmo Insurance Agency offers personalized solutions for individuals and businesses looking to obtain health, life, dental, long-term care or disability insurance.

For more information or a free, no-obligation quote, please call 201-817-1388 or email [email protected]