Insurers must make their current plans meets the requirements of the Affordable Care ACT. All policies must be approved by state insurance commissions existing contracts can not be modified, new proposals must be submitted and approved. Existing programs that do not meet the regulations must be canceled and the new programs offered.
The new rates are going up because the new coverage’s are more extensive. Life time caps are removed, pre-existing medical problems must now be covered at standard rates and health and wellness is now a part of all plans. If the carrier decided not to participate in the exchange then their clients do not qualify for the government assistance.
The bottom line is:
- Coverage has increased so rates may rise
- If your carrier is not participating in exchange rates my rise.
- Employers may choose to drop spouse coverage you can get it on exchange.
- If you rates go up you can apply on the exchange if you qualify for government subsidy.
- If you have been paying higher rates due to pre-existing condition your rates will drop.
- If your state has participated in Medicare expansion you may qualify check with the exchange.
- There are many insurance agents that are certified to assist in selecting the plan that will best serve the needs of your family.
Like any new program there are some kinks to work out, in the end this will provide more Americans access to health care. A healthy population will lead to a long term reduction is the cost of health care.