What are my health insurance options for 2023?
Written and medically reviewed by Dorcas Morak, Pharm.D
Now that Open Enrollment is just around the corner, you may be busy surfing the internet for cheap health insurance that will provide dependable coverage according to your budget for the year 2023. Open Enrollment Period (OEP) is a period during which you can purchase a new health insurance plan for the coming year. The Federal Open Enrollment Period (OEP) for 2023 plans will begin on November 1, 2022, and end on December 15, 2022, for coverage that will begin on January 1, 2023. Though in some states that run health exchange, there may be a small difference between the federal and the state open enrollment period. Below is the overview of health insurance options that may guide you to enjoy 2023 with dependable and suitable insurance.
Affordable Care Act (ACA) insurance
Affordable Care Act insurance often referred to as Obamacare, is by no means inexpensive. However, it may be the right choice for people with a preexisting medical condition or who need serious medical care for a prolonged period. More especially, ACA insurance may be right for you if your income level qualifies you for tax credits and subsidies.
Though application for ACA insurance is open all year round, you can only apply during open enrollment unless you experience any of the following qualifying experiences:
- Loss of a job.
- Moved to a new coverage area.
- Birth of a child.
- Loss of existing coverage.
- Family events, such as marriage, divorce, or death.
ACA coverage varies according to your plan, however, it will always include:
- Preventative care
- Emergency care
- Outpatient care when you are not admitted to the hospital
- Pregnancy and newborn care
- Services for mental health and substance use disorders
- Rehabilitative services
- Pediatric care
- Laboratory services
Short-term health insurance
Short-term health insurance can be an affordable solution if you are looking for health coverage during a transitional period. It is temporary medical insurance that provides temporary coverage during a lapse in permanent coverage, protecting you from expensive medical bills that arise from unexpected health changes or emergencies.
You are eligible for short-term health insurance if you:
- Change jobs.
- Lose employer-sponsored coverage.
- Are waiting for the annual Open Enrollment Period.
- Attend out-of-state college.
- Other specific instances.
Furthermore, temporary health insurance may be suitable for you when you need proof of coverage to participate in various activities or vocations. If you are eligible, you can apply at any time all round year.
TriTerm Medical Insurance
Triterm Medical insurance is a limited-duration, short-term insurance plan that is only available in a few select states. It lasts for nearly 36 months. It is intended to provide health insurance coverage longer with more benefits than traditional short-term health insurance. You can apply for TriTerm all year round. TriTerm coverage includes:
- Prescription coverage.
- Preventive care coverage.
- Some coverage for home healthcare.
If you register for TriTerm insurance, the eligible cost of some preexisting conditions are covered after 12 months on the plan.
If you are 65 or older, or are under 65 with qualifying conditions, comprehensive medical insurance through Medicare may be the right choice for you. Medicare has four parts, which are:
- Medicare Part A (hospital coverage): it covers things like inpatient hospital stays, home health care, and some skilled nursing facility care.
- Medicare Part B (medical coverage): it covers things like doctor visits, outpatient services, X-rays and lab tests, and preventive screenings. Both Medicare Parts A and B are known as Original Medicare.
- Medicare Part C (Medicare Advantage): it is offered by private health insurance companies. Medicare Advantage gives you all the benefits of original Medicare with additional benefits. When you register for Medicare Part C, you still have Medicare. It is just that the plan covers and pays for your services instead of Original Medicare.
- Medicare part D (prescription drugs): only private insurance plans offer Medicare Part D. You can benefit from Medicare Part D by buying it separately or by buying Medicare Part C which already has Part D included.
However, Medicare has a Limited Open Enrollment period. You are eligible to apply three months before and after the month you turn 65.
How can I save on my medications with or without a health insurance plan?
You can save up to 88% on your medications when you use the rxless discount card. Accepted at over 70,000 pharmacies nationwide including CVS, Walgreens, and Rite Aids. You may choose to use this or your insurance. When the rxless price is lower, ask your pharmacy to use this discount instead of your insurance. If you do not know your insurance cost, provide this prescription discount card and your insurance card to the pharmacy, and ask for a price comparison.
The discounts listed on rxless can also provide cost benefits when certain prescriptions are excluded from your insurance, if you have a high deductible, and/or if your insurance price is higher during your deductible period. If you have Medicare Part D, you may pay higher prices. Always compare and be aware of savings opportunities.