If this were "Black Friday" and health insurers were traditional retailers, promotional materials would trumpet "doorbuster deals," "big savings" and other marketing buzzwords intended to catch the eye of savvy shoppers.
Buying medical coverage, however, remains a more staid affair than the post-Thanksgiving rush for super sales. While that's for the best since this can be a complicated purchase, the potential savings available right now ought to inspire enthusiasm and bargain hunting among those in Minnesota who buy coverage on their own. In some cases, this may be a limited-time offer.
About 167,000 Minnesotans purchase private health plans on the individual insurance market instead of through an employer. Many use MNsure, the online marketplace that is the only way to access the financial assistance available through the Affordable Care Act (ACA). Others buy directly from insurers such as HealthPartners, UCare or Medica.
Earlier this year, Congress passed the sprawling American Rescue Plan to help the nation recover from the COVID-19 pandemic. Changes made in that bill enhanced ACA subsidies and expanded eligibility for them for two years, though it's hoped the changes will be made permanent.
Those who qualified for this aid may see more savings. And those who earn more than 400% of the federal poverty level now can qualify for ACA assistance. Previously, eligibility cut off at this threshold, which is $51,040 for an individual, $68,960 for a couple, and $104,800 for a household of four.
Many who bought a plan through MNsure won't need to lift a finger. The marketplace announced earlier this year that it would do "automatic redetermination" — basically, applying the new enhanced aid and eligibility using information consumers had already supplied. MNsure had hoped to complete this by September but is commendably finishing ahead of schedule. Consumers are getting notifications in the mail and can log into their secure MNsure dashboard for more details.
But a different set of health insurance consumers will need to apply or update their information:
- Those who are uninsured.
- Those who bought health insurance directly from health insurers but now want to switch to a MNsure plan to access ACA aid.
- And those who bought through MNsure but did not apply for ACA assistance (so the marketplace would not have info on hand to automatically redetermine eligibility).
MNsure's COVID-19 special enrollment period ends July 16. For those seeking a better deal, it's advisable to tap MNsure's brokers and assisters. They're enrollment experts, their services are free and they can help maximize savings.
For example, some consumers enrolled in a plan outside of the exchange may be able to transfer what broker Chuck Moline calls plan "accumulators." If you've already met some or all of your annual deductible on your current plan, for example, you may be able to work with your insurer to switch to a MNsure plan without having to reset the deductible to $0. Additional savings may also be available for those who have filed for unemployment insurance this year.
Moline works at AdvisorNet Financial in Austin, Minn. He urged consumers not to sit on the sidelines and said his office is "going bananas" with people who want to see if they can find more affordable insurance. Even skeptical consumers may get welcome news. Said Moline: "They should take the time to call or just talk to us and see whether or not their assumptions are right."
