MARSHFIELD – Security Health Plan of Wisconsin, Inc., has again been recognized as a Qualified Health Plan (QHP) by the Centers for Medicare and Medicaid Services (CMS), able to offer health insurance coverage in 2021 through the Federally-facilitated Exchange (HealthCare.gov), also known as the Marketplace.
“The Federally-facilitated Exchange helps individuals and families access high-quality health care by making affordable health insurance coverage within reach,” said Marty Anderson, chief growth officer at Security Health Plan. “Our goal is to ensure consumers can choose the insurance coverage that best fits the health care needs of their family and Security Health Plan provides a wide-choice of plan options that emphasize value and service.”
Only insurance companies approved as a Qualified Health Plan are eligible to offer coverage through the Marketplace. Purchasing a plan through the Marketplace is the only way consumers can receive a tax credit to help reduce their monthly health insurance premium or cost share reductions to help reduce their deductible and out-of-pocket costs.
Beginning Nov. 1, 2020, consumers will be able to compare plan options, calculate what tax subsidy they might qualify for, and enroll in a plan at www.securityhealth.org/myplans. The open enrollment period begins Nov. 1 and goes until Dec. 15, 2020. Those who are re-enrolling for 2021 will not have to make any changes during the open enrollment time period if they don’t want to change plans. Their enrollment and tax credit information will be automatically updated with no break in coverage.
QHPs are plans that have not only been certified by the Health Insurance Marketplace, but also provide coverage of essential health benefits, follow established limits on cost-sharing and meet Affordable Care Act (ACA) requirements. Those ACA requirements include a core set of benefits like preventive services, coverage for pre-existing conditions, mental health and substance abuse services, emergency services, prescription drug coverage and hospitalization.
The Health Insurance Marketplace was launched in 2013 as part of the Affordable Care Act. Security Health Plan has qualified as a QHP and earned the certification each year since its inception.