Laura Packard, founder of Health Care Voices, joined Cheddar News to help break down the options available under the Affordable Care Act to and digest the newest changes for 2023.

Closing Bell

What You Need to Know For ACA Open Enrollment Season

well, tis the season for shorter days, cooler temperatures, pumpkin spice everything. And of course open enrollment for the affordable care act, marketplace insurance. Well as consumers struggle with inflation nationwide, the biden administration and Congress have taken steps related to premiums and subsidies that could affect your 2023 coverage and might even reduce the costs. So joining me now is Laura Packard, founder of Healthcare Voices and independent group of healthcare advocates organizing adults with serious medical conditions for affordable, comprehensive health care, laura, laura thanks so much for coming on the show. Where should people start looking, walk us through the process? Well, uh, no matter what state you're in, you should go to healthcare dot gov to start shopping. If there is a state specific marketplace in your state, it will then route you to the right place. So start at healthcare dot gov. And what you should have handy is, uh, your tax information, what you think you'll make for next year because that as you go through the process will help determine if you're eligible for subsidies. I know there are different tiers laura of plans. We've got bronze, silver, gold. What is the differentiating factor differentiating factor between these tiers and what do consumers need to know? Well, theoretically, they are designed in order of how expensive a metal is. But setting aside things like rose gold and how much these metals actually cost? The idea is that, uh, as they get more expensive, you pay more in month for premiums, but your deductible is less. So if you know, you're going to need a lot of health care next year, you may want to look at a gold or a platinum plan. If you're looking for the absolute cheapest plan per month for you right now and you're not expecting high medical costs next year, you could go with something like the bronze. Any tips for choosing the best plan and lower premiums. I mean prices we no longer are up across the board. Americans feel it in every aspect of their lives. How can they best save on health care? Even if prices regardless are going to rise? Well, you should take a look at how much you spent on health care. If you have that information, how much this year. So you can get a sense of what your costs might be next year. Do you have any expensive drugs that you need to take that? You need to make sure your plan will cover those prescriptions or are their specialty doctors that you need to see? Uh if you don't need any of those things, you could go for the cheapest, lower monthly cause cost, which is the bronze. But if you did have any expensive medical bills, that might change your thinking. So go to healthcare dot gov go through your options and see what you're eligible for because it could be that a silver plan will actually be cheaper for you if you're eligible for the cost savings and what's new for 2023. I mean what changes should people be aware of? Well depends on your state, but there are insurers always coming and going so in many places you will have more options for next year than you had in the past. But also if it's been a while since you've gone to healthcare dot Gov, you should go there now because thanks to the american rescue plan and now the inflation reduction plan, it's more uh easier. It's cheaper than ever to get These plans depending on your level of income because it's capped at 8.5% of your income. So in the past maybe you didn't qualify for help because you made a little bit too much money. So check it out. You'll enter what you think your income will be for next year and see what is available to you now. Are these plans are eligible for a house savings account for instance? Uh It depends uh And it really depends on your state on your county, what's available for you where I live in Denver. Uh I had a choice of plans that had H. S. A. Capabilities. So really you'll need to look at your options and make sure that it says whether it is H. S. A. Compatible or not. All right. I think we've got to leave it there, laura, laura Packard Founder of Healthcare Voices laura, thank you