New Health Care Reform
Hello Clients and Prospective Health Insurance Buyers,
I am writing this article based on what I know of as today, 09/06/13 and will be updating it as I get more relevant information. The purpose of this article is to inform individual health insurance buyers of how the new health care reform law might affect your current health insurance policy. I would also like to introduce you to what options will be available for new policies starting January 1, 2014.
Many companies will allow you to keep your current policy and premium until the end of 2014 with an amendment to your policy and an effective date change to December 31, 2013. Others have said you can keep your current policy, the rates will increase as of January 1, 2014, but have not indicated by how much (I am estimating 30-40%).
If your company allows you to lock in your plan and premium until 2014, you should receive a letter within the next three months stating your options. If you have not received this letter, please call your health insurance company’s phone number on the back of your member ID card.
Based on calls to customer service and broker support, here is what each company has told me regards to member renewals and new policies that are being bought.
Aetna – For current members, they will offer an effective date of December 31, 2013 and you have the option to keep your current benefits for one year longer or enroll in a new Health Care Reform compliant plan starting January 1, 2014. As of January 1, 2014, rates will increase if you get a Health Care Reform policy or if you buy a new policy now.
CoventryOne FL – For current members they will offer an effective date of December 31, 2013. You can keep your current benefits and possibly maintain lower premiums for one year longer. If you buy health insurance now, your rates will be locked in for 12 months.
BCBS FL – Current clients, non-grandfathered policies will be converted to HealthCare Reform policies on anniversary dates. For new business, rates will change starting January 1, 2014. If you buy health insurance now, rates are not guaranteed.
UnitedHealthOne – For current members, they will offer an effective date of December 31, 2013 and you have the option to keep your current benefits for one year longer. As of January 1, 2014, rates will increase if you get a HealthCare Reform policy or if you buy a new policy now.
Cigna – For current members, they will offer an effective date of December 31, 2013 and you have the option to keep your current benefits for one year longer. As of January 1, 2014, rates will increase if you get a HealthCare Reform policy or if you buy a new policy now.
Humana – Two options.
Option A – Member will keep current policy for rest of 2013, then will automatically renew to a health care reform compliant plan as of Dec 31, 2014. The Health Care Reform rates will be guaranteed one year.
Option B – Member can keep same plan and benefit you have now for all of 2014. Premium change will be for January 1, 2014. Rates will be guaranteed one year.
As of January 1, 2014, you can no longer be denied health insurance. There will be no pre-existing health conditions. Health insurance policies will be more comprehensive than ever before, and will be required to include the Essential Health Benefits. (Maternity coverage, mental health, preventive and wellness services and more).
The cost of health insurance will be based on your Adjusted Gross Income. If your income is within the ranges listed, you may qualify for a subsidy through the Exchange. The income ranges below are an estimate.
If your income is higher, you will purchase health insurance outside of the exchange. The cost of health insurance might be higher than what you are currently paying.
The exact price for health insurance has not been announced. I am expecting to get pricing by 09/15/13 to 10/30/13.
The open enrollment period for the new Health Care Reform policies begin October 1, 2013 and lasts until March 31, 2014. The soonest your Health Care Reform policy can begin is January 1, 2014.
If you would like to know if you qualify for a subsidy through an exchange or need to buy health insurance in the marketplace, please contact me. I can help you enroll in either policy type.
I am expecting to be rather busy during this enrollment period. If you have purchased health insurance from me in the past, I plan on being in contact with you at some point during the enrollment period. If you would like to reach me, please send me an email or call to schedule a web-conference appointment. I can let you know what policy will be best for your situation.
I look forward to being able to help you secure the best health insurance, and answer any questions you may have with the new health care reform. Please contact me if you have any questions.
Sincerely,Josh Docktor Independent Insurance Agent