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Health & Fitness

Health Reform and Your Options: Make a Business Decision!

We are all getting saturated with news about the lack of utility with health.gov and cancellation notices going out.  Indeed we are approaching mid-November and many of us face decisions on how to best provide for our health insurance needs in 2014.  Most of you are getting carrier letters are being offered 2 options:
1.  Keep what you have for another year at a moderately higher premium but less than the new health reform plans.
2.  Convert to a new "Health Reform" compliant plan on January 1 at probably a higher premium.

The decision comes down to directly comparing the benefits and provider networks with cost.  In some cases the new plans actually accelerate deductibles and cost sharing so look carefully at what is being offered.  Once you have done this, make a business decision consistent with your needs.  Do you need the new benefits next year and is it worth it?  Should you pick option #1 when your renewal runs out late next year, this will trigger an enrollment event and then you will get converted to an ACA compliant plan.  In the meantime, you probably saved a good bit of money in premium dollars.

I also keep reading about cancellation letters.  Most carriers I know are aggressively offering this 2013-14 renewal option with existing plans.  Contact your carriers for information if this is not the case.

Finally, don't hesitate to contact a licensed professional to help you sort out your options and PLAN design.  It doesn't affect your cost and the good ones have taken the time to learn the Federal marketplace (exchanges).  These exchanges must be used if you qualify for a tax credit or subsidy (7 of 10 do!).  Apply by December 15, 2013 to obtain a Januray 1, 2014 effective date.           

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