The average cost of health insurance in 2022 is between $313 and $678 per month, depending on the level of coverage! Make sure you choose wisely when it comes time for Open Enrollment.
Open enrollment for 2023 insurance plans begins Tuesday, November 1, 2022, and continues through Sunday, January 15, 2023, for individual and family insurance plans.
Insurance marketplace will cap “out-of-pocket” maximums at $9,100 for individuals or $18,200 for families. Even if you have significant health care needs, you won’t pay more for medical care than your plan’s listed out-of-pocket maximum. This is an important protection that isn’t offered with policies that have more limited benefits, such as short-term health insurance or indemnity plans.
On the marketplace, plan levels (also called metal tiers) can help you choose the right coverage for your situation:
Bronze
- Cheapest monthly costs but generally have high deductibles, and you’ll pay a higher portion of your medical expenses.
- Best for those who are young and healthy or who don’t expect to need significant medical care
Silver
- Middle-of-the-road plans that balance coverage with monthly costs.
- Best for most people, including those who expect to have typical medical needs.
Gold and Platinum
- Most expensive plans that give you the most savings on medical expenses.
- Best for those who expect to need significant medical care.
After comparing prices and coverage, you’ll choose an insurance company. You’ll also have to consider what other benefits and policies to consider, such as…
- Dental: Some marketplace health insurance policies will include dental care for adults, and many will include dental care for children. You can also purchase a separate dental insurance policy through the marketplace or directly from an insurance company.
- Vision: Vision insurance is not available through the marketplace, but you can purchase policies directly from an insurance company. Vision discount programs are another way you can save on vision care.
- Life: Generally, experts say you should carry five to 10 times your annual salary in term life insurance. But we recommend adding up your total debts and your family’s future financial needs to calculate how much life insurance you need.
- FSA or HSA savings account: Depending on the type of health insurance plan you choose, you may be able to enroll in a health savings account (HSA) or flexible spending account (FSA). These savings accounts let you put away pretax money that you can use for medical needs such as copayments for doctor visits, deductibles, medications and even dental and vision care.
- Employer programs such as commuter benefits: Open enrollment may also be when you need to sign up for any benefits programs through your workplace such as commuter discounts, wellness programs or child care programs.
If you are a client who has an actively managed portfolio with InVestra Financial Services, our Wealth Management Professionals are here to provide guidance when it comes to assessing your options.