This year has flown by. We’re only weeks away from the start of another open enrollment period in the individual market, and all signs are pointing to this being a big one. Are you ready?

There are several reasons for the rosy predictions

For starters, people need health care. We’re still in the midst of a pandemic, and those who have seen friends and loved ones get sick over the last year-and-a-half may now see the need for health coverage. It’s increasingly clear that nobody is immune from COVID, including children and young, healthy adults, and this has no doubt played into some people’s decision to purchase health coverage, even if they were willing to risk it before. With another enrollment opportunity this fall, fear could be a big motivator for some individuals. 

Even those who are less concerned about the virus may have other predictable medical needs. With hospitals full of COVID patients, a lot of procedures—including elective surgeries and even more serious treatments—have been postponed. As the pandemic eases, we can expect more people to seek medical care for non-COVID reasons.

A second reason we should see high enrollment numbers this season is because of the increased premium tax credits. As we discussed in a June 25 blog post, the increased premium tax credits under the American Rescue Plan are substantial. Not only do they remove the “subsidy cliff” at 400% of the federal poverty level, they increase the premium tax credit amount for people at all income levels. The higher tax credits will continue at least through the end of 2022.

Third, we can predict that a lot of people will sign up for coverage because of what just happened. Shortly after taking office, President Biden created a special enrollment opportunity for those who had missed their chance to sign up at the end of last year. And then he extended that opportunity even further. For six months, people could sign up for health coverage through the federal and state marketplaces, and a lot of people did. As Bloomberg reports in a September 15 article, “2.8 million Americans signed up for health insurance through Obamacare exchanges during a special enrollment period” that started earlier this year, “pushing the number of Americans who receive coverage under the Affordable Care Act to an all-time high.”

The article goes on to say that the “record enrollments came after the president in February announced he would allow Americans who missed the deadline to purchase health care coverage a second chance” and credits the “emergency relief package passed by Congress in April,” which increased the financial assistance for those purchasing coverage through the state-run exchanges, for the high enrollment numbers.

More people to enroll

While it may be tempting to say that anyone who’s going to purchase coverage already has—after all, they just had six months to sign up—the fact is that there are more people who need coverage. Despite the administrations marketing and public relations efforts, not everyone who was eligible for the enhanced premium tax credits got the message. 

While the Census Bureau reports that the number “of Americans under 65 without health insurance decreased significantly between 2013 – the year before many provisions of the Patient Protection and Affordable Care Act (ACA) took effect – and 2019,” millions remain uninsured. In fact, according to the CDC, 12.1 percent of people under age 65, or 32.8 million people, remained uninsured as of 2019. While the 2.8 million who signed up during the recent special enrollment period puts a dent in that number, there are still a LOT of people that agents can help starting November 1.

And that brings us to our last point

The 2022 Marketplace training is now open for agents who where certified to sell through the federal Marketplace in 2021, and it’s pretty quick and easy to complete. Here’s the link so you can complete your certification today: https://portal.cms.gov/portal/ 

And here’s the link to the AHCP carrier page: https://www.ahcpsales.com/our-carriers/health-insurance/

Be sure to complete the appointment paperwork for any health and ancillary carriers you’re not already appointed with so you’ll be in the best position to help your clients when the open enrollment period begins. And if you have questions, please let us know – we’re here to help.