Insurance Commish Mike Chaney issued the following statement.
Now is the time to consider health insurance coverage for 2026. The Health Insurance Marketplace will undergo changes, and premium costs may be higher for people enrolled in its plans. The Mississippi Insurance Department encourages consumers to consider all health plan options to find a plan that best fits individual needs. ACA rates may be found here, https://healthrates.mid.ms.
What are my options?
- Enroll in a Health Insurance Marketplace plan. Under the Affordable Care Act (ACA), the federal government runs the Health Insurance Marketplace. You can shop and apply for coverage at HealthCare.gov. Financial help may be available for enrollees on a sliding scale based on income.
However, changes are expected next year for Marketplace plans. A portion of its tax credits, known as enhanced subsidies, which help make insurance more affordable, are scheduled to expire at the end of 2025. The expiration could affect the cost of monthly premiums. (A premium is the amount paid to an insurer for coverage.)
If you currently have coverage through a Marketplace plan, you are encouraged to actively shop when the open enrollment period begins on November 1.
- Enroll in job-based coverage. If your employer offers health benefits, you may qualify to enroll in its health insurance plan, even if you declined coverage in the past. Employers usually pay a portion of premiums for enrolled employees. You may also be eligible to enroll in coverage through relatives, such as a spouse’s employer-sponsored plan or, if you are under 26, through a parent or guardian’s employer-sponsored plan.
- Enroll in a plan through a private insurer. Coverage options are available through insurance agents or brokers, or directly from a health insurance company.
- Enroll in a student health plan. If you are enrolled in a college or university, you may be eligible for a student health plan. Contact your school’s health services department to explore this option.
What if my insurer leaves the ACA Marketplace?
If your insurer leaves the Marketplace and no longer provides coverage, carefully review your options. This includes reviewing plans available both inside and outside of the Marketplace.
If you do not actively select a new plan, you may be automatically enrolled in a different Marketplace plan. However, this plan may not meet your coverage needs.
What should I consider when choosing a plan?
When deciding on a plan, it's important to carefully evaluate your family’s health care needs. To pick the best coverage, first calculate costs from recent years and try to estimate what they might be for the coming year. Do not forget to include copays for medical visits, prescription medications, and any procedures you might need.
Next, compare the premiums, out-of-pocket expenses, and benefits under each plan. If you are buying a policy from the Marketplace, you can compare the plans offered side by side on its website.
Finally, decide how much you can afford to pay. If you have a Marketplace plan, the Marketplace provides guidance.
Be mindful that some products are not health insurance and do not have the same consumer protections. Health care sharing ministries (HCSMs), discount plans, and risk-sharing plans are not insurance products and are not regulated by consumer protection laws.
Where can I go for help when choosing a plan?
If you need help navigating your choices, contact the Mississippi Insurance Department Health Division at 601-359-3657. The department can help you understand the different types of plans available.
1 comment:
DO NOT opt out of your regular Medicare to enroll in a Medicare advantage plan. It’s not an advantage. Treatment options become remarkably limited when you give up your regular Medicare. If you can afford it, get a medigap supplement
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