New Plans Have Begun, What to Do?

Now that we are in the new year, it means that new health care plans have likely taken effect. If you bought insurance through the Affordable Care Act (ACA) marketplace, your plan may have started on Jan. 1.

For an insurance plan to have started on Jan. 1, you need to have purchased your plan by Dec. 15, 2016. Other plans will start after Jan. 1 if you bought after the Dec. 1 deadline.

However, you can also purchase or change plans up through Jan. 31. There are some exclusions available that qualify you for special enrollment periods. These special cases can include things like losing other health coverage or getting married.

This year brings a lot of changes with the Affordable Care Act. As you enter the new coverage period, there are several big aspects that you need to keep an eye on.

Who is Offering ACA Insurance?

ACA plans are private plans, offered by private companies. These plans are specially designed to meet certain requirements mandated by law.

Virtual marketplaces manage and contain ACA plans. Either states or the federal government manages the marketplaces. What marketplace you use depends on where you live.

However, the health insurance marketplace is constantly changing. Yearly changes are not uncommon in the insurance business.

Some private insurers are exiting the marketplace in 2017. That means they will no longer offer the specially-designed ACA plans.

If your previous insurer is exiting the market, they likely informed you of the changes. That way, you should have had the opportunity to buy a non-market plan with the same company, or switch to a comparable ACA plan from another company.

Prices Will Change

Insurance rates frequently fluctuate. Affordable Care Act plans are no different. Many people will see rate increases in 2016. You should always be aware of your rates so that you can pay them on time. Never neglect to make your insurance payments as this may lead to policy cancellation.

However, though some rates will increase, other rates will stay the same. Additionally, financial subsidies that help people afford ACA plans are also changing. These subsidies might offset any increases you see in your bill.

Keep Up With the News

Recently, lawmakers have considered repeal, reform or replacement of the Affordable Care Act. It is likely that we will see major changes to the policy in 2017.

Never fear. If you have ACA coverage, any changes will likely take place gradually over time. This will likely give you time to make any changes to your ACA coverage.

However, you should never forget to be vigilant. Most people are unsure exactly how fast changes to the ACA will take place.

Changes to the Affordable Care Act will affect its subscribers. Make sure that you keep good records of your family’s coverage. That way you have taken care to be ready for changes.

But, as you go into the new coverage year, don’t forget to take advantage of your ACA plan. Go to the doctor, and seek out that treatment that you need.