How to Renew Your Obamacare Health Insurance
Currently enrolled in an Obamacare plan through the Health Insurance Marketplace? Then you already know how great it is to have health insurance coverage that, thanks to the Affordable Care Act, has built-in consumer protections. And you also know that, depending on your household income, you might also qualify for serious cost savings and financial help for your ACA-compliant health plan in the form of subsidies and Cost Sharing Reductions.
If you want to stay enrolled in Marketplace insurance in 2020, you’re in luck. Because here at HealthSherpa, we’re on-hand to help you renew your Obamacare health insurance as simply and easily as possible. Plus, we’ll help you make sure you’re still getting the best plan to meet your medical needs and budget.
You can comparison shop and renew your Obamacare health insurance plan here.
Your re-enrollment letters
As we enter the annual Open Enrollment Plan, there’s a few things you should know if you already have a Marketplace plan. The first is that you’ll want to keep an eye on your mailbox. By November 1, 2019, you should be getting two pieces of mail. The first will be a letter from your insurance company and the second will be from the Marketplace. Both of these letters will contain key information you need to re-enroll in your Obamacare plan for 2020.
Your letter from your insurance company will tell you first and foremost if your last year’s (2019) plan will be available again in 2020. If it isn’t, your insurance company will likely suggest a similar or alternate plan, and mention this in this letter. We do recommend taking 5 minutes to comparison shop the Marketplace to make sure that your current plan is still the best fit for you for the year ahead—more on that later in this article.
If your plan is remaining for 2020, the letter will let you know if there are any changes to the details of the plan for the upcoming year, including any differences in copays, prescription drug coverage, and provider networks. It will also let you know what your monthly premiums will be for 2020, after your premium tax credit is applied if applicable. This subsidy amount will most likely be calculated based on the 2019 information you submitted when you applied for your Marketplace health coverage. It may also be pulled from additional public records.
Your Marketplace letter will outline any information you need to provide to get a premium tax credit for 2020. You may need to submit documents for this, like tax or income information. You’ll also get instructions on how to update your existing application to make sure you get the correct savings and subsidies for 2020.
Be sure you keep both of these letters in a safe spot, as you’ll need them on hand when you go to re-enroll during Open Enrollment Period for your 2020 plan.
Next steps for renewal
Whether you want to change plans, need to change plans, or intend to keep your current plan for 2020, you should update your Marketplace application information. While you can do this through HealthCare.gov, doing so through HealthSherpa.com will offer a much simpler process, and one that comes with the support of our Consumer Advocate Team.
Not familiar with HealthSherpa? We offer all of the same plans at the exact same prices as the government’s HealthCare.gov. As a certified partner of HealthCare.gov, we are able to offer a simpler enrollment and re-enrollment process, a website that’s easier to use, and an exceptional Consumer Advocate Team trained to help you navigate each step of the process, including re-enrollment. Our Consumer Advocates come from non-profit and service backgrounds, not sales, and can help you with updating your information to ensure you get the greatest cost savings available to you in the coming year, even if you’re sticking with your current plan for 2020.
You should comparison shop the Marketplace to make sure that your current plan is still the best fit for you for the year ahead. Plans and insurers change their offerings year-to-year, and there might be a new plan that’s a better fit for your budget and health needs. Plus, if your income has changed, you may qualify for a higher subsidy. The Consumer Advocate Team can also help with that, providing you with personalized recommendations about the best plans for you based on your needs for the upcoming year. You can contact the Consumer Advocate Team at (855) 772-2663 for any help on how to log-in to your Marketplace account through the HealthSherpa platform and to get guidance on the best Marketplace strategy for you in 2020.
If you want to keep your current Obamacare plan
If you ultimately decide that you want to keep your current Obamacare plan, you will most likely be automatically re-enrolled in that plan if you do nothing.
But you should think of automatic re-enrollment as your fallback plan. The best way to ensure that you’re getting the absolute most value out of the Marketplace is to update your account information and comparison shop. For example, in some cases your current plan may no longer be available, and you’ll be automatically enrolled in a similar plan that may not meet your needs. Even if you end up sticking with your current plan, it’s important to find out if there are any new savings you might qualify for in 2020 based on your projected income and any other changes you might have had to your household. And you also might find that there are new plans being offered that better fit your needs and offer larger savings.
You can log in to your Marketplace account through HealthSherpa.com, and the Consumer Advocate Team can help with anything you need. Whether you’re looking for assistance with simply logging in to your account through HealthSherpa, wanting to confirm that you’ve correctly entered any updates into your account, or want help seeing if there is a better plan out there for you in 2020, the Consumer Advocate Team is here to help through email, online chat, or by phone at (855) 772-2663.
If you want to pick a new Obamacare plan
If you want to pick a new Obamacare plan off the Marketplace during Open Enrollment Period this year, HealthSherpa can also help you with that. The Consumer Advocate Team can help you comparison-shop the Marketplace so that when you re-enroll for Obamacare this year, you’ll have the best plan for your life right now. Every plan is different, and offers different kinds of potential cost savings and plan benefits, and our Consumer Advocate Team can utilize their expertise to help you get set-up in an Obamacare plan that works best for you for 2020. And by using HealthSherpa to re-enroll in Obamacare during the Open Enrollment Period, you can access a simpler and more streamlined process for re-enrollment.
Final steps towards renewal
No matter whether you choose to renew your existing Obamacare plan or want to pick a new plan in Marketplace insurance during the annual Open Enrollment Period, there are a few basic things you will need to complete your re-enrollment. Make sure you have any information and documents you might have about your 2020 income on-hand, as well as information about your taxes, employer, and household (including anyone you might claim as a dependent). With your financial and household information on-hand, you should be able to easily complete the Marketplace re-enrollment process. And again, if you have any questions while enrolling, the HealthSherpa Consumer Advocate Team is here to help and can be reached at (855) 772-2663. They can also help you apply for Medicaid, Medicare, and the Children’s Health Insurance Program (CHIP) if you or your family is eligible.