If you look closely, you’ll see that when it comes to basic medical benefits, a lot of individual plans offer coverage that is in line with ACA regulations. You might have seen headlines about how only a tiny fraction of existing individual health plans meet the requirements that the ACA will impose next year, but that doesn’t mean that the existing plans are junk. They don’t consider their policy to be skimpy or junk insurance just because it isn’t ACA compliant. ![]() Some of these people don’t mind high deductibles. It is indisputable that people who are healthy, buy their own health insurance, won’t qualify for subsidies and prefer high deductible health plans are going to have higher premiums for ACA-compliant plans than they have now. Why is this being portrayed as a bad thing? When you read a little further, you find that Aetna is reaching out to brokers and insureds to let them know that Aetna will be allowing members to opt for an early renewal in December of this year – if they want to keep their current policy until December 2014. The title, “Aetna seeks to avoid Obamacare rules next year” is designed to play on the general unpopularity (and over-estimation of perceived profits) of insurance companies. This Huffington Post article from a few months ago is a good example. Sometimes ACA supporters spin things too. But the spin is not limited to just opponents of the law. This has resulted in a public that is often woefully misinformed about what the law does and does not do. Over the last few years, opponents of health care reform have often exaggerated – and sometime outright lied about – the potential negative aspects of the reform law. But Anthem is also offering insureds an option įiled Under: Aetna, Affordable Care Act (ACA), Anthem Blue Cross, Cigna, Colorado Division Of Insurance, Health Care Reform, Health Insurance Exchanges, Health Insurance Reform, Humana, Individual/Family Health, Insurance Companies, Kaiser Permanente, Policy, Rocky Mountain, United Healthcare Early Renewal Provides A Good Alternative For 2014 ![]() This is subject to change, so check with us or your carrier before you make a decision.Īnthem Blue Cross Blue Shield: The default is for your plan to just keep its current renewal date and continue unchanged until that date in 2014. Here’s a brief summary of what we have heard so far from some of the main carriers in Colorado. But the date of that renewal can be anytime from January to December. So when your policy renews in 2014, you will have to transition to an ACA compliant plan. All plans must be ACA-compliant by January 1, 2015. There is no state requirement that existing policies be cancelled as of the end of 2013, although some carriers have opted for that as a default. The Colorado Division of Insurance has left a lot of leeway for carriers to determine their own protocol for renewals going into 2014. ![]() It’s important to check with your carrier to make sure you’re aware of what steps you need to take – don’t assume that your plan will automatically renew – or automatically not renew. Keep in mind that each Colorado health insurance carrier is doing things a little differently in terms of 2013 renewals heading into 2014. But if you’re happy with your coverage and you’re going to be paying full price for an ACA compliant plan, check with your carrier to see about keeping your current plan in 2014. If you’ll be eligible for a premium subsidy, it’s definitely worth your time to compare a subsidized exchange plan with what you have now. For people with plans that renew late in the year, this could mean keeping a lower-cost, higher deductible policy for most of 2014. But if your carrier allows it, you can keep your current policy until it renews in 2014, and switch to an ACA compliant plan at that time. This is especially true for people who prefer very high deductibles, as those plans are generally not ACA compliant and thus will not be available for purchase after the end of 2013. ![]() If you’re happy with your coverage and aren’t going to qualify for a subsidy in the Colorado exchange, keeping your existing plan for most of 2014 might be a good way to save some money on premiums. Last week I explained how early renewal at the end of 2013 might be a good option for some people who have individual health insurance.
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