Happy New Year

Many Americans found themselves enrolled in new health plans at the start of the new year. Consumers who needed single coverage faced personal and financial considerations when making their purchasing decisions. Here were a few examples:

• Early retiree. Consumer became Medicare eligible as of January 1. She evaluated her options with an insurance advisor. Medicare Advantage plans—many of which had $0 monthly premiums—made her nervous because of recent negative press. Even though her monthly premium would be more expensive, she chose Traditional (Original) Medicare, a Part D (drug) plan, and a Part G (Medigap) plan.
• Newly unemployed. Consumer lost her job during a Reduction in Force, and her coverage would end on January 31. As she began a job search, her options included COBRA and federal marketplace plans. She had a relationship with a specialist for a chronic condition, so she decided to enroll in COBRA—even though it was expensive—until she found a job with employer-sponsored insurance.
• Sole proprietor. Consumer had purchased a federal marketplace plan for many years. He paid full price for coverage because he did not qualify for a subsidy. An 12 percent premium increase was a lot to absorb in 2024, but the plan’s annual deductible dropped from $7,000 to $4,000. He estimated the total cost of coverage to be less than in 2023, so he re-enrolled in the same plan.

At the start of the new year, many Americans began a new health plan year. Hopefully, they chose health plans that met their needs, especially if enrolled in single coverage. It’s never easy, but these consumers are Mastering Health Insurance.

• Photo: A single duck enjoys Lake Michigan on a winter’s day