Ready For Open Enrollment Season? What You Need to Know About Buying Health Insurance For 2019.

January 1 is renewal time for many employer groups and individuals, and the one question on everyone’s mind is, “How much will my premiums increase?”

There’s no one-size-fits-all answer to this question, but according to an annual health care survey by the National Business Group on Health, most employers can expect the cost of medical and drug benefits to rise by at least 5% in 2019.

At Partners Benefit Group, we do expect some groups will see lower increases, if any at all, and others will face higher rates. We also anticipate that the majority of employers will continue to offer their employees high-deductible plans tied to a health savings account as a way to manage costs.

For those that buy individual health insurance policies, the renewal rates are anticipated to vary widely. In Georgia for example, there are four carriers that participate in the state insurance exchange. Alliant Health Plans and Anthem Blue Cross and Blue Shield have reported that premiums will actually drop by a nominal amount this year, bringing good news to its members. Ambetter of Peach State and Kaiser Permanente are reporting increases, however.

In a recent development, Blue Cross is expanding the number of counties in which it will offer ACA-compliant plans next year. In fact, most of metro Atlanta will be able to choose Blue Cross in 2019, which gives some individual buyers of health insurance a choice this year between carriers.

Here are three important things to know if you’re buying individual insurance in 2019:

  1. You won’t face a tax penalty in 2020 if you opt out of health insurance. But, being uninsured is risky move. One serious claim can be financially devastating.
  2. Open enrollment is only from November 1, 2018 – December 15, 2018; shorter this year so get organized early.
  3. Subsidies to ease the cost of health insurance premiums have increased. Check Healthcare.gov to see if you qualify.