Still, have an older health insurance plan from last year? If so, this information is for you.
For most people with older health insurance coverage, changes are coming at year end. If you still have your plan from last year (2013) and have not yet converted to an Affordable Care Act plan, chances are you will be required to do so by 12/31/14 for coverage in 2015.
The Affordable Care Act requires that all plans be compliant with the requirements of the new law in 2015. With the exception of Grandfathered (older health insurance) plans (those that were effective prior to 3-23-2010 and for which no benefit changes have been made), your insurance company will be notifying you soon that you need to change to an ACA compliant plan for 2015 if you still have your plan from last year. At that time they will also be offering you alternatives to pricing that may seem shocking.
Premiums for these new plans can be a lot higher than current premiums. It depends on numerous things, but in particular whether you qualify for tax credits and subsidies. If you do qualify, they can dramatically decrease some premiums and at the same time provide better coverage. Take a look at this chart:
Anticipated 2015 Tax Return
Household Size Modified Adjusted Gross Income
If your household income is less than the number in the right column, you probably do qualify for tax credits.
I can provide you with the exact amount, explain how it works and get you enrolled.
Even if you are not eligible for tax credits, there are still many plans available for your selection. As you may be forced to change anyway, it’s important that we get a plan that has the best coverage for your needs with the lowest possible premium.
The exchange should be providing us with information on the new plans about October 15th. At that time I will be able to show you how the new coverage on these plans differs from what you have now and what the new plans will cost.
We should look at your situation and talk about the best options for you. Put a note on your calendar for early to mid-October and let’s have that conversation.
Jake Young – Health Benefits Associates