Nearly half of Americans ponder health insurance changes during Open Enrollment

Open enrollment is fast approaching and many Americans are looking to make some changes to their health insurance policies. Although a large portion cites the pandemic as the main factor, others are looking at costs.

According to ValuePenguin’s most recent survey, almost half of Americans are expecting to see higher health insurance premiums in 2022.

Key findings:

• 45% of insured Americans are considering changes to their health insurance during open enrollment, namely switching the plan provider or type. Those with marketplace plans are most often looking to make a change. The coronavirus pandemic is the main reason consumers are changing their health insurance, followed by changing health needs and dissatisfaction with their provider.
• As nearly half of Americans (46%) expect higher health insurance premiums in 2022, some struggle to afford health care costs. Four in 10 insured Americans say their out-of-pocket health care costs were too high in the last year, and nearly one in five say they can’t afford their deductible.
• 45% of insured Americans believe those who aren’t vaccinated for COVID-19 should pay higher health insurance premiums than those who are vaccinated. This sentiment is highest among Baby Boomers (ages 56 to 75) at 53%.
• Premium costs are the most important factor Americans consider when selecting a health insurance plan, at 24%. Services covered (20%) and deductibles (14%) are other decision drivers.
• 24% of Americans have made a mistake during open enrollment before. The most common errors shoppers committed were not fully exploring their options (28%) and missing the deadline for open enrollment (26%). About one-third of Gen Zers (ages 18 to 24) and Millennials (ages 25 to 40) made mistakes during open enrollment.

Click on the following link to view the full report: https://www.valuepenguin.com/consumers-changing-health-insurance-during-open-enrollment.

CMS focus on increasing access to Marketplace

The Marketplace Open Enrollment Period on HealthCare.gov runs from November 1, 2021 to January 15, 2022. Consumers who enroll by midnight December 15 can get full year coverage that starts January 1.

This year, the Centers for Medicare & Medicaid Services (CMS) said in its Marketplace 2022 Open Enrollment Fact Sheet it is focusing on increasing access to assistance for Marketplace consumers, ensuring robust outreach and education efforts to reach consumers about the opportunity to enroll or re-enroll in Marketplace coverage.

CMS has also committed to raising awareness around low-cost plans for 2022, as a result of the American Rescue Plan Act (ARP). Increased and enhanced enrollment assistance is available through Navigator organizations that help consumers find the right health care coverage, complete their applications and enroll in coverage. Sixty Navigator awardee organizations are available to provide comprehensive assistance through customized educational and outreach activities, especially to underserved communities.

Eighty million dollars in grant awards for the 2022 plan year, and another almost $11.5 million in additional funding, will go towards supporting Navigator efforts during the final month of Open Enrollment.