Remorse over your 2017 Obamacare selection?

We just finished year four of Obamacare for individuals and families and it wasn’t pretty. The government now has a heavier hand than ever in your health care and the insurance companies are running for the hills to get out of the individual health insurance business.

In tens of thousands of cases the government actually chose a health insurance plan for those whose 2016 coverage was cancelled. Without any warning people received bills and threatening phone calls from their new insurance companies, demanding payment and not providing a single detail about the insurance plan that the government chose for them. Among our own clients we found that 100% of the bills for these new plans were wrong. In many states there were only one or two insurance companies available, some with rates that were double or more than those in 2016, and most with plans that have very small provider networks. Maximum out-of-pocket costs for 2017 were also increased to $7,150 per person. These changes have caused unspeakable disruptions in care for those who are in the middle of treatment for medical issues. The only bright note is that for some, premium subsidies have increased, bringing monthly costs of coverage to levels that are lower than 2016. That’s little consolation for those who are being treated for cancer, diabetes, heart disease, or other complex medical conditions who are now forced to find new specialists and primary care physicians. We have clients who are awaiting results from tests taken in 2016 who must now find new doctors to interpret their tests or pay entirely out-of-pocket for doctors who were in network last year and out of network in 2017. Why has all of this happened? It’s really simple math if you’re an insurance company. You have paid out millions more in claims than you collected in premiums. No business can sustain itself with long-term losses. The “Affordable” Care Act simply included far too many unrestricted benefits to be sustainable. The problem was compounded by the fact that not enough young people enrolled and too many older folks entered the system, received care, and then dropped their insurance plans. If you are unhappy with your 2017 Obamacare plan don’t wait another year…there may be better options right now. Now that the dust of Open Enrollment 2017 has started to settle I want you to know that you are not necessarily stuck with an unsatisfactory plan for another year. Several options are available right now:   Short term health insurance plans that can cover you for up to 11 months Not for everyone, but this could be an excellent low-cost (as little as half the cost of Obamacare) option for those in good health. Be aware, these plans do not cover the “3 P’s”….pre-existing conditions, preventive care, and pregnancy. They also do not meet the government’s requirements for the Affordable Care Act which means that you will pay a fine for not having compliant coverage. Still, your net costs could be thousands less than plans offered through the Marketplace…even after the fines. CAUTION: As of April 1st the longest that a new policy may run is 3 months (unless the new administration changes the law). So, if this option interests you be sure to apply by March 31st. Join a medical cost sharing ministry This is a great option for many of our clients. These plans, which operate similarly to co-ops, are exempt from the Affordable Care Act’s requirement to have insurance from a health insurance company…translation: No fines As long as your ministry was established by the year 2000 you will have an exemption from Obamacare on your taxes. Also, these plans offer very affordable rates (called contributions) and networks that are far larger and less restrictive than those through the Marketplace. There are also no Open Enrollment periods for these plans. You may enroll at any time of the year. We have all the details on this option. If you own a small business all you need is one employee in addition to yourself in order to have a group plan The group health insurance market in most states is far larger than the individual health insurance market. This is true for both the number of insurance companies offering coverage and the types of plans and networks that are offered. All it takes is one enrolled full-time employee, not a spouse, plus you and you’ve got a group. No enrollment deadlines for this option either. Start your plan any time of year. Choose a different Obamacare plan If the government enrolled you in a plan that you did not choose, or if you chose a plan that you are unhappy with, you may select a different Obamacare plan until January 31, 2017. Your new plan will begin on March 1st. A new administration in Washington could enact health care legislation at any time…stay tuned Please let us know if you have questions about any of the options described above. We are happy to provide you with all of the information that you need in order to evaluate your options and make an informed decision about your health care…sooner rather than later. Thanks for reading. Sincerely, Alan Leafman, President 847-559-9699 x 222 480-654-1200 x 222 aleafman@wwins.com