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Time to Consider New Health Insurance for 2025

Updated on October 4th, 2024

Save up to 88% on your medications

Written and medically reviewed by Dorcas Morak, Pharm.D

With the arrival of the 2025 health insurance enrollment season, it is time to start thinking about your coverage for the upcoming year. Open enrollment is when individuals and families can explore new health insurance options, make changes to existing plans, or enroll for the first time. Here is what you need to know to prepare for Open Enrollment 2025 and make the best decision for your health and financial needs.

What is the Individual and Family Marketplace Open Enrollment Period?

The Open Enrollment Period is the designated time each year when you can sign up for health insurance plans through the Health Insurance Marketplace, a system established by the Affordable Care Act (ACA). For 2025, the Open Enrollment Period begins on November 1, 2024, and ends on January 15, 2025. However, some states may have different dates, so it is essential to check the specific schedule for your state.

How Do I Prepare for Open Enrollment 2025?

Open Enrollment is your opportunity to assess your current health insurance plan and determine if it meets your needs. The marketplace allows you to compare prices to switch plans or enroll for the first time. When choosing a plan, it’s crucial to evaluate the monthly premiums, annual deductibles, copays, and out-of-pocket maximums to determine the actual cost of your insurance. ACA plans are categorized into four “metal” levels:

  • Bronze Plans: These have the lowest monthly premiums but the highest deductibles. After meeting the deductible, you pay 40% of the cost of care, while your plan covers 60%. This plan is suitable if you do not anticipate needing frequent medical care but want protection for unexpected emergencies.

  • Silver Plans: With a slightly higher premium than Bronze, Silver plans have lower deductibles. After meeting the deductible, you pay 30% of the cost, and the plan pays 70%. Silver plans offer cost-sharing reductions (CSRs) if you qualify, providing extra savings on out-of-pocket expenses.

  • Gold Plans: These have higher premiums but lower deductibles than Silver plans. After meeting the deductible, you pay 20% of the costs; the plan covers 80%. Gold plans are ideal for those with regular medical needs and who prefer more predictable out-of-pocket expenses.

  • Platinum Plans: Platinum plans have the highest premiums but the lowest deductibles. You pay 10% of the cost of care, while the plan pays 90%. These plans are unavailable in all areas but benefit those requiring frequent medical care.

Are there ways to Save on Health Insurance Costs in 2025?

The ACA Marketplace provides flexibility in choosing a plan that aligns with your budget. Beyond selecting a plan that fits your needs, you may also qualify for health insurance subsidies, which help lower costs. There are two types of subsidies available:

  1. Advanced Premium Tax Credits (APTCs): These credits reduce or eliminate your monthly premium payments, making your coverage more affordable.
  2. Cost-Sharing Reductions (CSRs): These reductions lower your deductible, copays, coinsurance, and out-of-pocket maximum, but you must enroll in a Silver plan to access them.

What Happens if You Miss Open Enrollment 2025?

If you miss the 2025 Open Enrollment, you can still get coverage, but only if you qualify for a Special Enrollment Period (SEP). SEPs are triggered by life events like marriage, divorce, birth, adoption, or loss of coverage (e.g., job loss). SEPs usually last 60 days but can vary by event and state.

How Can Prescription Discount Programs Help You Save on Medications If You Have Health Insurance?

Prescription discount programs found on the RxLess app can help you save on medications even if you have health insurance through the Health Insurance Marketplace in several ways:

  1. Lower Out-of-Pocket Costs: RxLess generic medication prices are often lower than your insurance copay or deductible, especially if you haven’t met your deductible yet.
  2. Non-Covered Medications: If your Marketplace insurance doesn’t cover a specific medication or places it in a high-cost tier, RxLess can provide significant savings.
  3. Avoiding High Deductibles: For those with high-deductible health plans, RxLess can help reduce costs before you've reached your deductible.
  4. Flexibility in Pharmacies: RxLess works with over 70,000 pharmacies nationwide, giving you more options than those limited by your insurance network.
  5. No Impact on Insurance: You can use RxLess to save on prescriptions without affecting your insurance benefits or claims.

RxLess offers an additional way to reduce medication costs, making it easier to afford necessary treatments, especially when insurance doesn’t provide the lowest price or full coverage.

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