We have spent the past two months helping many of you move to a new plan as a result of the cancellation notices you have been receiving. Today the President announced that this was originally not his intention and that he wants to ensure that we can all keep our plans (no matter when we put them into effect) for one more year while the bugs get worked out with the Marketplace.
So what exactly does this mean for you?
Unfortunately it is not as easy as saying "everyone can keep your coverage for another year" and assume that, instantaneously, the health insurance industry can adjust within the 4 weeks remaining in the 2013 open enrollment period. We have had discussions with directors at the major individual carriers on this topic over a month ago. We were told that if the law were to be postponed, eliminated, or delayed this late in the game that they would likely not be able to adjust in time to accommodate everyone.
What we all must understand is that the health insurance industry has been working on this transition for over 3 years now and have invested substantial time, money, and effort to prepare for it. They cannot unilaterally decide to keep, change, or add a plan without approval from the Michigan Office of Financial and Insurance Regulation (OFIR) - which can take months, and in some cases years approve policy changes.
As a result of what the President stated today, the individual states will need to collaborate with their respective insurance carriers and determine whether or not they can adjust this quickly? if not, we will continue down the path we have been on since October 1st, 2013 - which is working as best we can with what we have been given.
Rest assured, we will keep you informed on the developments of this topic