How CoventryOne of the Carolinas Will Handle Health Reform in 2014

The insurance companies are in high gear to get ready for all the changes coming with the new law in 2014.
Many of our individual health insurance clients in South Carolina and North Carolina are insured with CoventryOne of the Carolinas. As with some other companies, they are providing current clients the opportunity to renew their policy early at the end of 2013, thereby allowing them to keep 2013 prices through most of 2014.
We will recommend that the vast majority of our clients take them up on this offer. Why? Because most of you will see your premiums will likely go through the roof in 2014. These are the result of new mandates, taxes, fees, and changes to underwriting. We won’t bore you with the technical stuff here, but you’re welcome to ask us about it if you’re interested!
Here are the details our CoventryOne clients need to know: 
CoventryOne members with an effective date from January – September will have the option to end their existing coverage EARLY and start a new policy with a December effective date to help maintain the benefit and rate levels they have today.
Below are the details & important dates on what will happen for existing CoventryOne members:

  • Beginning the week of July 22nd, current members who renew on one of the above mentioned months will be sent a pre-mailer post card, giving them notice to expect a package with an offer to replace their existing CoventryOne coverage with a new CoventryOne policy. This happens from July 22nd through the next 4 weeks.
  • Beginning August 30th your clients will receive the actual offer to end their existing policy and begin a new one with a December 1st effective date. Since it will be a new policy, your client’s deductible and other policy accumulators such as annual benefit limits will start over. These will be mailed on a staggered basis and will need to be returned by fax or mail by the deadline of November 15th, 2013. Our brokers will receive a copy of this as well for each of their clients who would have renewed from January – September.
As always, if you have questions or want to compare your health insurance plan with other options, contact us.