Before reviewing Grandfathered plans, watch our California Health Reform and Me video (above) to see how Reform might affect you.
Granted, many things will change between now and then but we can see the vague outlines.
There are still many people who are on the old grandfathered plans (effective date prior to 3/23/2010) and were getting questions from them regarding what they should do.
This is very important as the rates and plans available to them will likely be very different than what they have and once they make a change, their grandfathered status is gone forever.
Let's take a look at this situation and how to approach the upcoming changes.
These plans (grandfathered health plans in California) are locked which means that no new people can join them other than family members on an existing health plan.
Usually, locking a plan to new enrollment is the kiss of death for California health plans but this is the rare exception. What makes this so different?
The old grandfathered plans are not subject to many of the mandates brought about by health reform.
Because of this, they can be less expensive in most cases for comparable coverage.
Personally, we have an HSA $3500 plan from Anthem Blue Cross and the equivalent plans on the market are much more expensive (50%) every time I run an instant health quote to see what's available.
This will probably continue until the old plans are just not viable due a slow loss of members (getting group coverage, etc).
In the meantime, making any change to a new plan even now would result in much higher premiums.
There are a few very rich older plans which might make sense to compare with currently available plans even if this results in losing our grandfathered status.
There are two important considerations here.
First will be the actual rates and benefits offered. Each carrier will offer up to four California health plans (the Metallic plans) and a lower priced one for young adults. The baseline benefits for these plans have already been picked in California with the Kaiser $30 copay plan as a guideline for all available plans on the individual and Small Group California health insurance market.
These plans will likely be quite a bit more expensive than what we've had on the market (I know...it's hard to believe that's possible) but guaranteed issue (regardless of health).
On the face of it, it doesn't look promising if you have a grandfathered plan now.
Here's the second wrinkle to the equation.
If your income is between 138 and 400% of poverty (grid below), you should receive some subsidy in the Exchange to offset premium cost on a sliding scale. The effects of these subsidies will help to make a decision on whether the grandfathered status is advantageous.
Of course, we're happy to help with
Again, there is absolutely no cost to you for our services. Call 800-320-6269 Today!
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|2 People||$22k - $64k|
|3 People||$27k - $80k|
|4 People||$33k - $97k|
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