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HEALTH PLANS

WHAT AFFECTS MY HEALTH PLAN RATES?

With the implementation of the Affordable Care Act (ACA), underwriting standards for individuals has been greatly simplified. The law has done away with medical underwriting, which could have meant an exclusion for a pre-existing condition. Now, there are only a small handful of variables that determine your health plan rate.

Age. Age is the primary factor in determining your health insurance costs.

Tobacco use. Do you use any tobacco products.

Location. Where you live determines which hospital networks you are eligible for.

WHEN CAN I GET A HEALTH PLAN?

Health insurance can only be purchased during specific times called enrollment periods. Each year open enrollment lasts from November 15th to February 15th of the following year. During this time anyone can shop for a new health plan or make changes to their existing health plan. If you fail to enroll in a health plan at that time, you can only purchase coverage if a qualifying life event occurs. Outside of the enrollment window, a few qualifying life events are:

Moving to a new state

Divorce

Birth of a child

Loss of a job

Loss of employer provided coverage

Loss of coverage from family plan at age 26