by Joe Roberts
Several insurance companies have announced that they will exit the individual market in 2017. While many individuals will need to select and enroll in a new plan, there are a few exceptions that will be important to consider before making any changes to your current plan.
• The first point to consider is when you purchased your individual plan. Most individuals who purchased an individual health plan with an effective date before Jan. 1, 2014, will be able to remain on their current plan through Dec. 31, 2017.
• Another consideration will be the plan’s network of medical providers. Don’t assume that just because your physicians are covered under your current plan, they will be covered on a new plan. While the open-enrollment period will not begin until November, now is a great time to have a discussion with your medical providers and determine what companies they will be participating with in 2017.
• Last, don’t miss your opportunity to enroll. If you are being affected by a plan exit, you will need to select and enroll in a new plan by Dec. 15, 2016, to ensure you will not have a lapse in coverage on Jan. 1.
These are just a few points to consider, and we can be sure to see more changes as the individual health market continues to evolve under the Affordable Care Act. Now more than ever, a local broker can be a tremendous resource to help you evaluate and explore your options in this changing marketplace.
Joe Roberts is an Individual & Medicare Specialist at Maher, Rosenheim, Comfort & Tabash LLC, specializing in group and individual insurance.
Submitted 7 years 210 days ago