November 1st is upon us and the new rates are published. There are a few changes this year from last year in two main areas: subsidies and rates.
Most carriers are increasing their rates substantially, particularly those who kept their rates low last year in hopes of attracting new policyholders. Since rates change nearly every year these days the times of setting your coverage and forgetting it are gone. Now it’s important to check your policy every year and compare them with the new rates published by other companies. Since part of the law now includes the ability to enroll without fear of denial due to pre existing conditions, this makes it easy to switch from year to year, though it’s still a hassle to keep up with. That’s where I come in! The rates from some carriers this year will jump as much as 30% so let’s take a look at what you currently have and how much it will change come January first. There’s plenty of time to make adjustments and explore your options.
In the past, subsidies mainly pertained to premiums, which left many people frustrated with a low premium, but a deductible that was still prohibitive. This year cost reductions for many will extend beyond premiums to co-insurance as well. I found a policy for one of my clients with a major carrier whose rates, including the subsidy, were a $15/month premium and a $500 deductible! I’m not guaranteeing I can find that for everyone, but it’s possible for some.
Other miscellaneous changes:
Blue Cross and Blue Shield of Texas is doing away with their PPO. If you currently have that plan with BCBS you’ve probably already received a letter informing you of this. If you live in Texas and prefer PPOs there are still some available to you depending on where you live.
In addition to that, I have expanded my list of appointments to include Blue Cross Blue Shield of Texas, and Scott and White to go along with Humana, United Healthcare, Aetna, Cigna and Assurant. Keep in mind however that I am able to help you with any marketplace plan even if it’s with a company with which I am not appointed. Just refer me to your friends!
As one of my mentors is famous for saying: “You can have everything you want in life if you just help enough other people get what they want.”
For Life, Health, and Peace of mind,