Health Insurance Policy is Being Cancelled – What do you do?
Did you receive a notice from your health insurance company this fall stating that your health insurance policy is being cancelled at the end of this year? For many Americans, this is the second year in a row they've received such a notice. However, similar to last year, the presidential administration granted an extension for businesses that may eliminate the need to purchase a new policy for 2015. In this article I will explain to you why a cancellation in your health insurance could take place.
Facts about your current policy
Because many of the policies that were purchased in 2013 do not meet the current Affordable Care Act (ACA) coverage standards, health insurers were forced to cancel these offerings and encourage those members to purchase a compliant policy for 2015.
Many people who do not qualify for a federal subsidy, may pay significantly more to purchase a new policy through the new health insurance marketplaces. Centers for Medicare & Medicaid Services have created a transitional policy in which health insurance issuers may continue coverage for individuals and small businesses that would otherwise be terminated at the end of the year.
One requirement is that such a policy must have been in effect as of Oct. 1, 2013.
Over the next year, the agency will assess whether to extend this transitional policy beyond 2015.
More facts you should be aware of
Health insurance policies are primarily regulated at the state level.
Each individual state must determine whether or not to adopt this transitional policy
Health insurers are not required to continue offering policies that don't comply with the ACA.
No guarantee that a policy due to be cancelled by year end will be available for renewal.
Issuers are required to send a subsequent notice as soon as reasonably possible regarding this new transitional policy to all eligible individuals and small businesses that received a cancellation letter.
Know need to worry, if your health insurance policy is being cancelled, Integrated is here to help. Speak with an associate with Integrated Insurance Agency. They can help you resolve any problems you are having. Call 888-823-1342 today.
Associate focus this Month
Lori Hudzinski – ‘Mama Bear’
www.lhudzinski.myiiagent.com
Integrity is important to Lori and places your needs before her own. If she does not know the answer, she is able to find the right answer for you with Integrated Insurance Agency’s 27 years of experience and resources.
Lori is a life-long learner. She is a wife of 26 years. She is a mother of five and grandmother of two. This is how she was nicknamed ‘Mama Bear’. In addition, she has been a part of her family’s four- generation dairy farm in the Yale area. She is also mission minded in helping others here at home and children in the Philippines. Just as important, she also wants to help you.
Not only do we have insurance associates in Marlette, Michigan, but also in:
· Brighton, Michigan
· Novi, Michigan
· St. Clair Shores, Michigan
· Port Huron, Michigan
· Marine City, Michigan
· Marlette, Michigan
We also are operating in Nevada, Texas, Kentucky, Ohio and Indiana, and we are expanding.
Give us an opportunity to earn your business and you too will understand what are current clients already know, chances are: “You’re Paying Too Much for Insurance”
Thanks for allowing us to help you! Please call Integrated Insurance at (888) 823-1342 to assist you with all your insurance needs.
References:
Centers for Medicare & Medicaid Services; Nov. 14, 2013; ACA transitional policy letter; http://www.cms.gov/CCIIO/Resources/Letters/ Downloads/commissioner-letter-11-14-2013.PDF; accessed Dec. 15, 2014
