A lot of Americans have already received letters notifying them that their health insurance plans are being cancelled and many more will receive notification very soon. So, what’s going on???
Under the ACA guidelines insurance companies are required to notify insureds when their plans make benefit changes and that has become an annual event. If you are part of an employer plan your letter may well be a warning shot that your plan will renew with benefits that are not identical to what you have currently.
If you have coverage that you contract directly with an insurance company you may receive a true cancellation notice. There are likely several carriers who will no longer offer coverage in your state, many have reduced the number and types of plans they will be offering and others are cancelling existing plans and forcing insureds to re-enroll in their new offerings.
In all, the last two months of this year look to be traumatic and dangerous for families who provide for their own health insurance. So what are we going to do?
Our clients will receive notification from us which will provide the best option(s) relative to the type of coverage they have had in the past. We will provide a brief summary explaining why these plans look to be the best fit and also provide electronic links for enrollment directly with the insurance carriers. These three articles may be a good reference to help prepare for ultimately making plan design decisions. (article one, article two, article three)
Because this is going to be such a busy time we will all need to rely on electronic communication and enrollment in order to reach everyone. Our staff will be available on a consulting basis for in-depth conversations, but there will be a consulting fee associated with this service.
Additionally, compensation has been reduced to levels where servicing of claims and administrative issues can no longer be handled without a servicing fee. We are trying to develop a fee structure that will provide value to our clients while allowing us to cover our costs, so more will follow about this.
If you find yourself in the same boat as many of our individual clients please go back to your broker now and ask what plans are being put in place to protect you and your family during this most volatile time. Preparation is critical because the time to enroll is very limited.
Please let us know if we at CDA Inc. may be able to help you during this time of upheaval.