Preparing for the 2023 Health Insurance Open Enrollment: Navigating Increased Costs and Decreased Benefits

Are you prepared to experience the truth about the upcoming open enrollment for health insurance in 2023? This is an episode that prompts you to question your readiness as we, your hosts Mike Sedita and Parita Patel, a seasoned health insurance expert, take you through the unsettling trends to expect. It becomes clear that healthcare costs are not on a descent, with increasing premiums, escalating deductibles, and the unfortunate reality of dwindling benefits.

The second punch comes with the revelation that the government is pulling back on the providing tax breaks that served as health insurance discounts. This is a significant reversal from the substantial hikes during the COVID pandemic, and not for the better. Yet, amidst this disheartening news, we offer the silver lining - practical guidance on navigating these murky waters and finding the perfect insurance plan tailored to your needs. Can you afford to miss this vital episode? Join us as we equip you with the essential insights to stay ahead of the insurance curve and step into the new year with confidence. Your health is your wealth, let's protect it together.

Transcript

Speaker 1: 0:01

Hello out there and welcome to the Good Neighbor podcast. I'm your host, mike Sedita, and we are sponsored today by Perida Health peridehealthcom, and my co-host is Perida Patel. She is a health insurance expert here in the Tampa market. Perida, how are you doing today?

Speaker 2: 0:16

Doing great, Mike. How are you?

Speaker 1: 0:17

I am doing excellent. The big question it's coming up on that time of year what are we to expect from open enrollment in 2023?

Speaker 2: 0:27

You know every single year, unfortunately, the direction of insurance is not going where we all want it to go right. You know the past couple of years. I know that the government has tried to do a better job with providing more tax breaks for people based on income. So you were able. If your income was $50,000 for the year, for example, then maybe you got $100 off your health insurance. Now if you're making $50,000, you will not get that $100 off your health insurance. So they're not giving as many discounts. And it's because during the COVID years they were giving a lot more discounts to help people be able to afford health care. But now they're almost going backwards.

Speaker 2: 1:03

So not only are you going to get less of a tax discount, you are also going to see an increase in premiums 6% to 10% over the next couple of months. So you know prices are going up, premiums are going up guess what? Deductibles are going up and benefits are going down. So that is what you can expect from the Obamacare side of insurance. Those are ACA, healthcaregov. It's all interchangeable names. I'm not excited to share that information, but that's the fact.

Speaker 1: 1:30

So, as people are starting to prepare, we're coming up on Q4,. What are the dates of open enrollment? Is it October 1st?

Speaker 2: 1:37

Actually it's November 1st, and a lot of times we've seen it extend through December, even up until January 15th. As of now, we've got November 1st through December.

Speaker 1: 1:47

So, the important thing, if you're listening to this podcast, watching it with us, it is coming up rapidly. So do your homework. Contact paridahealthcom. Set up an appointment to meet with Parida and her team to find out what is the right plan for you, because you want to definitely be in front of this insurance curve and have everything lined up so that, once January rolls around, you are ready, set to go Parida. Thank you so much for being on the Good Day for Podcasts with us and hosting it. You have a great day.

Speaker 2: 2:16

Have a great week.