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Simpson Financial Group  Preparing for life’s uncertainties

doctor drawing heartIn recent weeks, you’ve likely heard that big changes might happen to the Affordable Care Act (ACA). The next year could see major reforms or the total repeal of the law.

Right now, there are two things that worry many people. First, what will come in place of the Affordable Care Act if legislators repeal the law? Second, what can you do now to protect your health insurance?

There are no concrete answers to the first question. But, there are things you can do to make sure you continue to protect the coverage you have.

What will come in place of the Affordable Care Act?

There are no direct answers to this question. At this time, there isn’t even a guarantee of the total repeal of the law.

Legislators have promised to enact a replacement plan for the Affordable Care Act. There are a lot of different ideas that have yet to coalesce into one concrete solution. What parts of the ACA will remain intact are still unknown.

 However, most indications point to a couple of factors:

  • If the Affordable Care Act gets repealed, phase-out will likely take time. There will likely be a timeline for migrating from the ACA to the replacement law.
  • Legislators likely won’t fully repeal the ACA until they implement replacement legislation. Legislators will likely strike a balancing act over shutting down the ACA and moving to new options.

Nonetheless, many are concerned about what changes to expect if a repeal does happen.

What can you do now to protect your benefits?

At this time, experts cannot say exactly how coverage will change should a repeal take place. It is also hard to say who, if anyone, might lose coverage if the ACA gets replaced.

However, there are many things that Americans can do now to prepare for any potential changes.

  • Keep your current health care plans up-to-date. If you have an Affordable Care Act plan, your 2017 coverage has likely started. If you don’t have a plan yet, you will likely face penalties.
  • Keep records of your coverage. Know who is on your plan, how much you pay and who your provider is. 
  • Keep records of your medical care and prescription needs.
  • Keep paperwork related to enrollment. Note any subsidies that you received under the Affordable Care Act. Make your payments on time.
  • Talk to your insurance agent. Learn what your options are for a plan that is outside of the Affordable Care Act marketplace. This could give you peace of mind knowing that you could qualify for a separate plan. Don’t assume that you need to get off the ACA marketplace yet.
  • If you have health insurance from work, talk to your employer. Find out how the Affordable Care Act rules govern your employee benefits. Let your employer know of any special circumstances regarding your health needs.

But for now, the ACA is still in firmly in place. Your benefits for 2017 are more than likely secure and guaranteed. But, as you look ahead, it is never too soon to think about your health care’s future. Don’t let the potential for ACA changes catch you off guard.

Simpson Financial Group is here to help you understand your health insurance. Give us a call today at (877) 727-7780. We can help you get the coverage you need.

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