I received two notices in the mail in October about renewing coverage for next year – one from my health insurance company and one from the Marketplace. What’s the difference?
Both notices are important and you should read them carefully. The notice from your health insurer should state whether your current plan is being offered again next year. If it is, the notice should describe any changes to that plan and the monthly premium for next year. The insurer notice will also advise you that, if you do nothing before December 15, you will automatically be re-enrolled in your current plan for another year.
If your current plan is not being offered again but your insurance company is offering similar plans next year, the notice from your health insurer will explain that your policy is not being continued. The notice will also describe another similar policy that will be offered next year and advise that if you do nothing before December 15, you will automatically be enrolled in that similar plan for next year. The insurer notice will also remind you that, whether or not your current plan will be offered next year, you are free to shop for new coverage and change plans during Open Enrollment.
The notice from your insurer should also describe the amount of APTC that you received this year and explain that, unless you update your application for financial assistance, in most cases you will continue to receive an adjusted amount of APTC for next year. The notice should also provide an estimate of the amount of your APTC for next year.
If your current plan is not being offered again and your insurance company will not offer any other plans next year, the notice from your health insurer will explain that your policy is not being continued. The notice will also advise that you cannot be automatically renewed into another policy. You will have to apply for a new plan during Open Enrollment.
The notice from the Marketplace will provide additional information about renewing your application for financial assistance. That notice will let you know whether you are eligible to have your financial assistance automatically adjusted and continued into next year without you having to take any action. That notice should also remind you to update your application for financial assistance to ensure that your eligibility determination reflects the most current information possible.