Shopping for health insurance can be overwhelming and with the new changes that come each year it can feel like you’re in over your head! Just like last year, 2020 will have some changes that may affect your insurance decision—and it’s always best to know what you are getting into beforehand!
The first change you should be aware of is that Short Term Health Plans are still available to those who need them! When the Affordable Care Act was first introduced these plans were only allowed to be used for 3 months, but now these plans can be used for up to 12 months! But be sure to remember that these plans do not typically cover maternity care or mental health! These plans are usually used by people with unexpected gaps in their coverage until they can get enrolled onto another full coverage plan!
Next change you will see is that there is no longer a tax penalty for not having health insurance coverage! It is never recommended to not have coverage due to the off-chance that something may happen to you—but if you do not have coverage in 2020 you won’t be penalized on your tax return!
Another welcomed change to the Health Insurance marketplace in 2020 can be seen in premium prices becoming more stable and predicable! There will be less change in prices, and in some cases prices have been decreasing! You will also start to notice more of a variety in choice in insurance providers as well—if you had limited options last year it might be worth it to check your 2020 options with your insurance agent today!