Last week, President Obama gave states the option of allowing companies to offer plans that are not compliant with the Affordable Care Act. The President made this offer in reaction to complaints from policyholders who were losing their current health care plans because the plans did not meet the minimum plan standards set forth in the Act. Connecticut is joining all of its neighboring states - Massachusetts, Rhode Island and New York - in forgoing this option because it is not a practical solution for Connecticut. Connecticut sites 4 reasons why the President's option was not a solution for Connecticut:
1) Connecticut insurance companies have made it clear that, even if they had the option, they would not renew any policy that has not already been offered a renewal
2) In many states, the problem is that individuals who are losing their health plans do not have other good options. Fortunately, Connecticut is different because people do have options through Access Health CT exchange. Connecticut residents have the ability to access new health plans through a system that currently has a 96% customer satisfaction rating. In addition, many people are able to receive subsidies through the Exchange.
3) The insurance companies did not anticipate the President's offer and are not prepared to offer renewals. The calculation of rates takes time and reintroducing the old plans could throw the market into uncertainty, destabilizing the pricing in the healthcare exchange and lead to higher prices in the long run.
4) Many individuals whose plans have not been renewed did have a chance to renew them in recent weeks and months and many people did just that. In fact, many individuals still have that opportunity.
If you are among those individuals losing their current health insurance plan, The Russell Agency is prepared to help you. We are certified agents for Access Health CT and also have access to multiple private insurance company plans outside of the Exchange. Governor Malloy has extended the deadline for new sign ups on the Exchange until December 23rd in order to give consumers more time to explore their options and find an insurance plan that works for them.
Please call us with your health insurance needs, The Russell Agency is happy to help you and your family with your health insurance needs.