If you currently have coverage for you and/or your family through an individual or family plan, you have several options to consider.
Do you have grandfather status?
Grandfather status is determine based on your policy’s effective date (prior to March 2010) and no substantial changes have been made to the policy after the law was passed. It’s best to call your current insurance provider and ask if your policy is considered grandfathered. If your plan has grandfather status, you can choose to keep the plan you have now, or consider your options with Obamacare. If you do choose to keep your grandfathered plan, you will no be required to have the essential health benefits the law requires for new policies. For some people, losing grandfather status may actually benefit them. Such situations could be if their plan premiums were rated higher than normal due to health conditions or their policy has certain riders or limitations based on a pre-existing condition.
Is your policy considered “transitional or non-grandfathered?”
If you purchased an individual or family health insurance plan after the law was passed (March 2010), you do not have grandfather status. The Administration allowed the plans to remain in force, but left the final decision up the each insurance company. Some carriers have allowed transitional plans to remain active, while other carriers have cancelled them for 2015. Your company is required to let you know if your plan will be cancelled on 12/31/15.
Do you have a COBRA policy?
If you are currently on a COBRA policy, you will want to consider other options also. COBRA plans are only in force for 18 months after you leave your previous employer. For many people, the new ACA plans will be a better option than an existing COBRA policy. During AEP, you can enroll in an ACA plan if the premiums and coverage are better for you.
Plans options will be different for each person/family. Income, access to group insurance, and family size all factor in to the plan options available to you. In some cases, keeping your old plan make work better for you, while other cases may have you leaning towards an ACA plan. If you need help with what your options are, feel free to contact us. Our service does not cost you anything and you will not pay extra by using us!