SATURDAY, NOVEMBER 16, 2013
Are you feeling the effects of yo-yo politics? I certainly am. First, for millions of people are receiving notices that their insurance policies are being canceled. This is due to the fact the Affordable Care Act requires that all "non-grandfathered" policies be compliant as of 01/01/2014. However, the message of the Adminstration has been "If you like your insurance, you can keep it," failing to mention that if you're policy was purchased OR changed after March 23, 2010, or if your policy has dollar limits, you will have to change your plan. And now, because the message was not clearly communicated to the people, the President is calling for a temporary reversal of this rule. He now wants the insurance companies and commissioners to work out a solution to rescind the cancelations, allowing individuals to keep their coverage - but only for one more year. But it is not clear which states or which insurance companies will agree to rescinding the cancelations.
This task is not going to be an easy task for the industry. The insurance companies finally have their systems in place to accommodate the law. Notices have been mailed to all clients. And many have already selected their new plans. January 1st is rapidly approaching yet now we may have to change course with very little time left. While we have not received instructions from the carriers yet, and are waiting their decisions, we will keep you updated as soon as we receive information.
Posted 12:34 PM