Need to Know: Renewing Health Insurance on the Marketplace

If you previously enrolled in health coverage on Marketplace, it is recommended that you update your Marketplace application on healthcare.gov with your expected income and household information and compare your current plan to what’s available for 2022. If you do not renew or enroll in a plan by December 15, 2021, you may be automatically enrolled in the same or a similar plan. In some cases, though, you won’t be automatically enrolled.

If you currently receive a subsidy, the amount will generally change from one year to the next. If your subsidy gets smaller, auto-renewal could result in higher premiums next year. Shopping around for a different plan — as opposed to letting your plan auto-renew – might result in substantial savings. You may change to a health insurance plan outside the Marketplace, but only the Marketplace offers premium tax credits and other savings. If you find you do not qualify for a tax credit, Blue Cross and Blue Shield of Kansas offers several affordable plans you can buy direct. 

Meet Jill.  Jill’s household income changed when she decided to leave the workforce last year.  By updating her Marketplace application with her new household income, Jill learned that she qualified for more financial help and was able to find a plan that worked best for her and their new baby.

Meet Jim.  Jim was laid off his job during COVID and received health insurance through Marketplace.  Jim recently started a new job and wonders if he will still qualify for financial assistance through Marketplace.  If Jim no longer qualifies for assistance, he can still buy coverage through Marketplace, or he can enroll in a plan directly through Blue Cross and Blue Shield of Kansas. 

With the open enrollment extension this year, you must enroll on Marketplace by December 15 for your coverage to begin on January 1, 2022.  If you enroll between December 16, 2021 and January 15, 2022, your coverage will begin February 1, 2022. You can change plans until January 15, 2022, even if the coverage you were automatically re-enrolled in has started. The final deadline to enroll for 2022 coverage is January 15, 2022.

Getting health insurance for you and your family is an important step to better health and well-being. To see if you qualify for financial assistance this year, or to view plans, visit us at bcbsks.com/cares or give us a call at 866-285-2158 for answers to any questions you may have about enrollment.

Leave a Reply