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Posts Tagged ‘open enrollment’

16
Dec

Don’t Like Your Plan? You May Have to Keep It

Written by dreilly. Posted in Blog, health care reform, PPACA, premium costs

The President said “if you like your health plan, then you can keep it.  We heard it over and over during the health reform debate.  More recently we’ve heard it over and over again, only now it’s to point out the inaccuracy of that statement. 

Millions of individual policies are set to terminate on January 1st because they do not meet the new requirements established by the Affordable Care Act.  Millions more face the same as small businesses also learn their policies are no longer available.  We all now know the statement was false.  You really can’t keep your health plan if you like it. 

What we also now know is that millions and millions of people are forced to select new plans, not to mention the millions of uninsured the ACA is supposed to newly enroll.  Additionally, higher costs associated with the newly qualified small business plans will shift a large percentage of small business policies to the individual market over as we proceed through 2014. 

All of these members will select a new plan.  And many will select plans they don’t like.  Some will make hasty decisions due to the shortened open enrollment window created by the website difficulties.  Many won’t understand the meaning of higher deductibles and other out of pocket expenses.  Many won’t realize their access to doctors may be limited.  Many will find higher pharmacy costs.   

So that begs the question.  What if you don’t like your plan?  The ACA creates an annual open enrollment for individual policies beginning in November and ending in December of each year.  Enrollment outside this annual window is not allowed without a qualifying life status change.   This means if you decide that you don’t like your plan, then you’ll just have to keep it, at least until the next open enrollment period. 

13
Dec

Child Health Insurance Open Enrollment

Written by dreilly. Posted in Blog, education, premium costs

 

January 1, 2013 marks the beginning of an important open enrollment period for children’s health insurance policies in Maryland.

During the month of January two insurance carriers, CareFirst Blue Cross Blue Shield and Kaiser Permanente of the Mid-Atlantic, will accept applications for children under the age of 19.  This is one of two scheduled open enrollments that allow application for coverage in 2013.  The other occurs in July.  New policies for children are unavailable at any other time, at least until health reform changes teh rules in 2014. 

Policies are available on a guaranteed issue basis without exclusion for pre-existing conditions.  The effective date for those who apply in January is February 1st.  The effective date for those who apply in July is August 1st.    

Health insurance is often provided through employer based coverage, and employers typically subsidize employee premiums.  But as healthcare costs continue to rise, trends show employer subsidies for family and dependent coverage continue to decline. 

If you have family coverage through your employer you may want to look at the cost to provide separate coverage for your children.  Often the total premium of separate policies is lower than that of one family policy offered at work.  Here are the reasons.  Fewer employers subsidize family premiums and employer plans are usually rated based upon the demographics of the group participants, where employee ages can have a large impact.  Rating for child policies are based on the child’s age, which is lower age than the ages of employees in an employer plan.  This means child policies are almost always lower cost.

The same strategy can be applied to spouse plans too, but the rate differences amay not be as attractive, and medical underwriting applies for adults.  

Whether separating a child or spouse policy will lower your monthly cost depends upon the level of employer subsidy.  It’s easy to determine however.  Just bookmark this page and run the rate sets for Maryland’s available child plans after January 1stRates for spouse plans are available now.  It’s free and only takes a minute.

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'Our experience with Reilly Benefits has been very positive. The courteous and friendly staff has taken care of our every need. Their knowledge and dedication have afforded us the opportunity to thoroughly explain the benefits and importance of insurance coverage to our employees. I would highly recommend this organization to any individual or business for all types of insurance or tax planning.'

Dottie Wyatt, Controller
Atlantic Cycle & Power

'The commitment Reilly Benefits makes to our company to ensure our benefits and claims are handled promptly and correctly goes beyond that of any agency I have seen in my 20 years of working with insurance brokers.'

Karen Siebert, CFO
Great Mills Trading Post

Benchmarks

Reilly Benefits, Inc. works with employers in a wide variety of industries. This allows us to understand the uniqueness of specific benchmarks within certain industries and among different market sizes.

Our ability to help employers compare and contrast a benefit plan to these benchmarks provides our clients an advantage in the ultimate goal to attract and retain quality employees.

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Reilly Benefits, Inc

5419 Deale-Churchton Rd. Churchton, Md. 20733

Professional Employee
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Fax: 1-410-867-0262
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