If you watch the news, you’ve likely seen that there are a lot of changes coming to Affordable Care Act health plans in 2017.
The health insurance business changes frequently. Some private insurers will exit the Affordable Care Act marketplace in 2017. Your location depends on how many providers you have to choose from in 2017. Some areas will only have one to two providers, while others have more.
Other insurers announced they will see premium increases on their Affordable Care Act Plans. The premium is your portion of the price for medical coverage. Again, the hike in premiums will generally vary from place to place. Premium increases occur fairly regularly in the industry. Many people see price fluctuations from year to year.
To prepare for changes in premiums and insurers, keep records of your coverage. Be aware of how price changes will affect you. Make sure you know how much you owe.
Even though price changes have taken effect, you still have to pay your premiums on time. You can pay your premiums through:
The health insurance company itself. You pay your health insurance provider directly.
The health insurance marketplace. The ACA marketplace then pays the health insurer.
A one-time payment on the marketplace, and then directly to the insurer. You may have the option to make your first health insurance payment through the marketplace. You will then pay the insurance company directly.
Additionally, you can qualify for health insurance subsidies. These subsidies could help offset the cost of some or all of the premium increases. These subsidies will also change in 2017. In some cases they may nullify any increases in your payments.
Remember, there is talk that the Affordable Care Act may be replaced or overhauled in 2017. If so, there will be other changes you need to be aware of. Always follow directions your health insurance gives you about changes.
We are here to help you understand changes to the Affordable Care Act. Simpson Financial Group has a variety of online resources to understand health insurance coverage. If you have questions, call us at (877) 727-7780.