Dreaming of retiring early? You’re not alone. The COVID-19 pandemic has forced many Americans to reevaluate their work-life balance.

Market research company Hearts and Wallets reports that about one in four Americans plan to retire before age 65 – a much higher percentage than in years past.
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If you’re one of the “one in four” and you think you’ve saved enough to retire early and cover your living expenses, there’s one more expense you should consider – health insurance. 

The Affordable Care Act (ACA), also known as Obamacare, is a health care reform law that was enacted in March 2010. Some of the key goals of the ACA were to:
 

• Extend health coverage to millions of uninsured Americans.
• Expand Medicaid eligibility
• Create a Health Insurance Marketplace for individual health insurance, prevent insurance companies from denying coverage due to pre-existing conditions, and requiring plans to cover a list of essential health benefits.
• Allow lower-income families to qualify for subsidies for coverage purchased through the Marketplace.

 
However, even though there are some “pros” to the Affordable Care Act, there are just as many “cons” for an ACA plan, many of which led to significantly higher health insurance premiums for individual and small employer health insurance.

“Open Enrollment is coming!” – A phrase you’ve most likely heard at least a few times recently.
 
The federal Open Enrollment Period (OEP) happens once a year for individual health plans in the ACA marketplace. For most states, you have from Nov. 1, 2021, to Jan. 15, 2022, to choose a health plan for 2022 and get signed up. In order to get coverage starting Jan. 1, 2022, you would need to be enrolled by Dec. 15, 2021.

Despite the numerous changes to the Affordable Care Act (ACA), applicable large employers (ALE) must still provide group health benefits to their employees. These benefits must meet at least the minimum standard as set by the federal government or the employer will be required to pay a penalty.

The United States’ high-priced health care system, which includes health care and insurance, affects everyone, sick or well. It has reduced individual spending power for several decades. Salaries for American workers have risen, but net pay has stayed the same because of increasing charges for health insurance.
 
So, what exactly makes the health care system in the U.S. so expensive? It depends on who you are asking.

The Affordable Care Act (ACA) has had a profound impact on small group health insurance. Rates have increased significantly as a result of the ACA. These rate increases have been particularly difficult for small groups.

This is where a level-funded health plan could be a good fit for your small business.

Short-term medical (STM) plans are extremely beneficial when used as they were intended – for short periods of time. And now, with the coronavirus, these plans are more important than ever.

The Affordable Care Act (ACA) was passed with the intent of making health insurance affordable and easily attainable for anyone, whether as an individual or for an employer providing group benefits.

To make insurance more attainable, the law forced insurance companies to accept all individuals and all small employers (less than 50 employees) without allowing for medical underwriting.

In the individual market, this “guaranteed issue” of coverage means all individuals of the same age and gender are charged the same premium regardless of any underlying health conditions they might have. Plus, everyone would have immediate coverage for any pre-existing conditions they might have, even if they have never had health coverage before. While the goal of getting people access to health care is laudable, this insurance mandate had a very predictable outcome – it caused an explosion in the cost of individual health insurance.