That’s a great question, and very common these days.
The answer: Yes and no. How’s that for clarity?
If you currently have a major medical health insurance policy, you’re fine for now.
The next thing you need to determine is whether or not your plan is “grandfathered.”
If your policy took effect before March 23, 2010 (the day the Affordable Care Act was passed into law), and you’ve not made substantial changes to your coverage since then, you have a grandfathered health insurance plan. And, assuming your health insurance carrier is still around (sorry Carolina Care Plan or Consumers Life customers), you should be able to keep it if you’d like to do so.
If your plan is not grandfathered, then you won’t be able to keep it. So here’s what will happen:
When your plan comes up for renewal in 2014 you will have to switch into one of the “qualified” plans – one that meets all of the new criteria and regulations in the Affordable Care Act.
At that point, the price will likely be higher than what you’re paying now. But you may find that you qualify for a premium tax credit (a subsidy) to help pay your premiums. If you make between 100% and 400% of the federal poverty limit you’ll be eligible for some level of help.
Depending on the plan you select and the amount of your subsidy (if any), you may find that it’s cheaper than your present plan. If that’s the case, then you could just cancel the current plan and enroll you in one of the new plans for January 1. You are not under any kind of contract with your present health insurance provider.
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AC Forrest can help you figure all of this stuff out. We can show you how the new plans compare with your current health insurance policy, and help you determine if you’ll be eligible for a premium tax credit (subsidy) from the government. Contact us to talk about that.
