Health Care Reform and Individual Insurance. What’s next?

All individual insurance plans will change at the end of this year. What’s next?

In the state of Oregon, all individual insurance plans will change at the end of the year on 12/31/13. In the 4th quarter of this year (just a few short months away), if you hold an individual insurance policy or are insured through the Oregon Medical Insurance Pool (OMIP) you may either get a phone call or a letter in the mail describing what will happen to your policy at the end of the year. Most of the insurance carriers will be mapping current policy holders to a plan similar to what they have today.  Some plans will terminate and the member will need to find a new plan.

There are options:

1) You can purchase a different plan with the same carrier. Many individual insurers will be mapping their plans which means they will let you know what plans are most like the one you currently have. You can choose that option or explore other options with that same carrier.

2) You can look at individual insurance with a different carrier. With Health Care Reform, the carrier rates have changes and in some cases are significantly different. It is an opportunity to review benefits and networks and choose a plan that may better meet you needs.

3) You can purchase insurance through the State Exchange, Cover Oregon. Today there are 12 carriers inside the State Exchange. For those that may be eligible for an insurance subsidy or tax credit, you can purchase insurance inside the exchange. Subsidies will be available for those at 400% of poverty level or less which is about 50% of Oregonians.

You do not have to go at this alone. Find a licensed insurance consultant that can help you navigate your options both in and out of the exchange.

 

 

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