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 2022 through the Federally-facilitated Exchange (HealthCare.gov), also known as the Health Insurance Marketplace, or just the Marketplace.
“The Marketplace helps individuals and families access high-quality health care by making it easier for people to sign up for affordable health insurance coverage,” Security Health Plan Chief Growth Officer Jenny Shermo said. “Our goal is to ensure people can choose the insurance coverage that best fits the health care needs of their family. Security Health Plan provides a wide-choice of plan options that emphasize better health 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, 2021, consumers will be able to compare plan options, calculate what tax credit they might qualify for, and enroll in a plan at www.securityhealth.org/myplans. The open enrollment period begins Nov. 1 and goes until Jan. 15, 2022. Those who are re-enrolling for 2022 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. However, enrollees are encouraged to update their applications on HealthCare.gov to ensure they’re receiving the the maximum amount of extra financial help available to them. For coverage effective Jan. 1, 2022, consumers must enroll by Dec. 15, 2021. Any enrollments between Dec. 16, 2021, and Jan. 15, 2022, will have a Feb. 1, 2022, effective date.
Security Health Plan Director of Health Plan Products Erin Long reminds everyone of the increased subsidies made available to Marketplace enrollees by President Biden’s American Rescue Plan Act.
“The American Rescue Plan Act adjusted the premium tax credit guidelines for all 2022 Marketplace plans,” Long said. “This means, regardless of income, enrollees will not have to pay more than 8.5% of their household’s annual income for the second-lowest-cost Silver plan available on the Marketplace. Even if someone is already paying a low or even no premium, they may be able to get a plan with lower out-of-pocket costs.”
QHPs are plans that have not only been certified by the Health Insurance Marketplace, but also provide coverage for 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.