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 2023 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 affordable, high-quality health care by making it easy to sign up for health insurance coverage,” Security Health Plan Chief Growth Officer Jenny Shermo said. “Our goal is to makes sure Wisconsinites can choose the insurance coverage that best fits their health care needs and budget.”
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 individuals 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, 2022, people 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, 2023. Those who are re-enrolling for 2023 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 maximum amout of extra financial help available to them. For coverage effective Jan. 1, 2023, individuals must enroll by Dec. 15, 2022. Those enrolling between Dec. 16, 2022, and Jan. 15, 2023, will have a Feb. 1, 2023, coverage effective date.
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 that provide coverage for preventive services, 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.
