Page 14 - Leisure Living Magazine August 2016

“Obama Care” - I Predict Major
Changes Locally And Nationally In
The Individual Marketplace For 2017
By Steve Gulas, Bolte Insurance, www.bolteinsurance.com
People insured through the Health Insurance Marketplace in individual health insurance plans should expect to see major changes in plans available for 2017 in the readership area of Leisure Living Magazine as well as Nationally. The Affordable Care Act, sometimes known as “Obama Care”, started 1-1-2014 and changed how individual health insurance is sold and priced. It offers tax credits for many families under 400% of poverty level and made plans “guaranteed issue”. At the time this article was written, 2017 plan information had not been finalized and was not available, however there are three trends that I am predicting for 2017 based on what I am hearing and reading.
I predict there will be three trends in the Individual Health Insurance Marketplace for 2017 plans:
1. Carrier Termination Letters - Many people already insured will get letters this Fall 2016 notifying them that their plan will be terminated December 31, 2016.
2. Higher Priced Plans in the 2017
3. Fewer Companies Offering Plans - The remaining companies from which to choose will most likely have very limited Provider Networks in 2017.
Why will there be fewer insurance companies offering Marketplace/Obama Care plans in 2017?
The simple answer is many companies that offered coverage in the Health Insurance Marketplace experienced significant losses due to high claims and have found this market unprofitable. Due to this, some companies have dissolved or gone insolvent. Others have chosen not to offer coverage or have reduced the number of counties in which they offer plans in the Marketplace.
What does this mean to you as the consumer when looking for a new plan for 2017?
I expect that the insurance companies remaining in this market will have much smaller
14 |LeisureLiving August 2016
networks of providers leading to fewer choices of places to obtain medical services. Thus, finding a plan that may cover all the doctors or hospitals you wish to see will be much more difficult. Many people may need to change their doctors or hospitals to remain in their plans network. This will most likely lead to higher insurance pricing with the companies that remain in this market. The tax credits many people receive play a significant role in what they actually pay their insurance company. Until this information becomes available we will not know for certain. Usually this information is available around November 1 at the healthcare.gov website.
The 2017 Open Enrollment time frame for enrolling in a 2017 Marketplace plan is November 1st through January 31st. This is the time frame in which anyone who wants coverage needs to apply if they want coverage through the health Insurance Marketplace. Outside of this time frame people need to have a Special Enrollment Period that would apply to them in order to be able to enroll.
These types of plans are available through private insurance companies and there are many to choose from. Bolte Insurance represents many Marketplace plans and we specialize in helping YOU find a plan that best meets your needs and budget. If you need help contact Steve Gulas or Chuck DeVore at 419-732-3111.
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