BOOKMARK THIS PAGE: We will Update as changes are made to Individual Health Insurance
We all know that due to the election of Donald Trump there are going to be many changes. One of the largest is regarding Individual Health Insurance. Especially since he has proclaimed to repeal “Obamacare”.
Don’t be worried, as we are here to notify you of any changes as they occur! Our goal is to guide you through what happens next…
The 2017 Open Enrollment will continue as planned from Nov 1st 2016 to Jan 31st 2017.
It took 3.5 years from when the Affordable Care Act was passed on March 23rd 2010 until it was implemented on January 1st 2014. From speaking with many other professionals we are projecting that it would take about 2 years for any real structural change to occur. The soonest changes would be made are for 2018 plans since you are locked in. At least we can hope..
Changes to Expect:
Pre-Existing Conditions: There will be a waiting period for pre-exisiting conditions (there was a 9 month waiting period before the ACA). This would LOWER prices since people would not be able to “game the system” of getting coverage instantly for immediate medical issues occuring while uninsured. However if coming from a Group Plan they would waive the “waiting period” for having continuous coverage.
More Choices: With the ACA, the fully loaded Gold/Silver/Bronze policies currently cover “all” medical conditions. If you are able to choose a more “catastrophic only” policy this will result in cheaper policies for those that choose these and more expensive policies for those wanting the full coverage plans.
How to Enroll: It’s expected there will be no Open Enrollment period since the health insurance carriers will be able to underwrite and use waiting periods to “manage risk”. This means you will most likely be able to buy any time of the year.
Individual Mandate: Trump has proclaimed to end the manadate to buy health insurance and eliminate the tax penalty if you don’t.
Below is an independent article going over potential changes.
Health Insurance carriers would not stand for any changes to simply drop coverage immediately since policies are locked in for a calendar year. Changes for the next year would move you to the next closest plan just like it did when the ACA was first implemented and you were moved to a new Gold/Silver/Bronze plan.
Give us a call at 425-802-2783 if you have any questions, as we want to ensure that you make an informed decision about your medical needs.
Below are our areas of expertise:
- Health Insurance (Every company in Washington State)
- Life Insurance (33 companies)
- Disability Insurance (8 companies)
- Tax Sheltered Accounts (Following IRS guidelines)