Federal officials announced last Wednesday that Americans can keep health insurance plans that fail to meet the standards of the Affordable Care Act for another two years. This latest delay allows insurers to renew the old plans as late as October 1, 2016, meaning customers who renew then would be covered for most of 2017. The option will only be available to people who renewed plans at the end of 2013. New subscribers will not be able to enroll in these plans.
Those who are satisfied with their current coverage may take comfort in knowing they can put off shopping for health insurance for a few more years however, this does not necessarily mean that they will be getting a better “deal”. The old policies were canceled initially because they didn’t meet the higher standards set by the health reform law, which requires that all plans cover maternity care, prescription drugs and mental health, among other benefits.
Many people who decide to keep their old plans may find out that they would have to pay higher rates to keep the same coverage. Even if rates are unchanged, some subscribers may find they need better coverage, since the plans being extended may not cover hospital stays, prescription drugs or other services.
Having an educated broker to turn to for guidance in these changing times is proving to be a more valuable commodity than ever. Contact Bedrosian & Associates if you would like a free review of your current medical insurance plan versus the medical insurance plans after