When President Obama proposed the Affordable Care Act, he made the promise that, “If you like your current health insurance plan, you’ll be able to keep it.” However, he failed to mention that there would be a large list of mandates that you and your carrier would have to follow in order to keep the plan, and that in doing so, the benefits would be extremely minimal, and the cost extremely high.
At first, this only applied to plans that weren’t grandfathered (grandfathered plans meaning those that were in place before March 23, 2010). But as time wore on, the term grandfathered came to carry less and less weight. Eventually the White House health reform document came to include so many stipulations that changing your plan or keeping your rates the same without having your grandfathered status revoked became nearly impossible.
Below is a list of restrictions on grandfathered plans:
· You cannot significantly raise deductibles
· You cannot cut or reduce the amount of benefits you receive
· You cannot raise your coinsurance charges
· You cannot raise your copayment charges
· You cannot lower your employer contributions
· You cannot add or tighten the annual limit on what the insurer pays
· You cannot change insurance companies
Combined, these restrictions make it more difficult than ever to offset the ever-increasing costs of health care.
Moreover, carriers are being forced to either discontinue or redesign a majority of their plans so that they are in line with Obamacare’s regulations. If you have grandfathered status with one of the plans being discontinued or redesigned, you’re out of luck.
Aetna, Anthem Blue Cross and Blue Shield, and Cigna are just a few of the major health insurance carriers who are, at least in some states, discontinuing plans that don’t meet Obamacare mandates.
If you’re worried that your grandfathered plan is being discontinued, and if you find that you need great new coverage at an affordable price, we can help. Obamacare may have a list of restrictions and regulations a mile long, but at HSA for America, we can make sense of them all and find you a plan that covers everything you need, at a price you can afford.
For everything you need to know about health care reform, email us or call us at 1-866-749-2039. There is never a charge for our assistance or an obligation to buy.
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.