Many Humana health insurance policyholders are going to be in for quite a shock, as they learn that their plan will be cancelled at the end of the year. Notices have been going out to an untold number of Humana's customers, informing them that their health plan would be terminated after December 31st 2014. Considering that this affects many non-grandfathered family and individual plans purchased after March 23rd of 2010, it is sure to have a substantial impact on the volume of people shopping for health insurance during this year's open enrollment.
Why Are Plans Being Cancelled?
This is where the issue of speculation comes into question. At the time of this writing, Humana has not made an official statement on why so many non-grandfathered plans are being canceled. What we do know is that states were asked by the Obama administration to extend the sales of plans for an additional three years, though not all were in favor of this request. For many families and individuals, they will eventually be notified that their policy has reached the end of its lifespan. This includes HumanaOne Illinois individual plans that are association-based, or those that are currently part of the transitional block of business and are non-grandfathered or not compliant with the Affordable Care Act. It does not affect Humana group health plans, Medicare supplements, etc.
My Policy is Being Canceled… What's Next?
The first thing to do is to find out, officially, whether or not your health insurance plan is slated to be cancelled. If you've received a notice, it's still worth following up on. Once you've determined that it will be terminated, then it's time to start thinking about shopping for a new plan. For some, it may have been a few years since you last shopped for health insurance. Many were under the impression that their insurance was taken care of, and that they would not need to get caught up in the headaches of healthcare reform. Others who went through this just over a year ago may be familiar with how the process works.
Considering how drastically the system has changed, though, it will definitely be in your best interest to work with a local health insurance agent - especially if this is your first hands-on experience with the Affordable Care Act. The process and policies have changed significantly over the past 18 months, and brokers can help with everything from reviewing plan options and determining rates, to submitting paperwork, applying for subsidies and following up on billing/customer service issues. Best of all, there are no fees or added costs built into this service.
Will My Health Insurance Rates Go Up?
Since the rollout of the ACA, it's no secret that premiums have gone up. Carriers have raised rates to compensate for increased claims and the cost of providing benefits to those who cannot afford mandatory coverage. The trick to keeping your rates affordable, again, is to work with an agent who can show you all of the options. Blindly browsing a website can be mentally exhausting, whereas a broker will take the time to really make sure you know what's out there, and what may work best for you. And since plans cannot be altered after closed enrollment, it's especially important to make sure everything is correct when submitted.
Concerned that Your Plan May be Canceled?
If you currently have a HumanaOne individual policy in Illinois and are concerned on how this might affect you, we encourage you to call us as soon as possible to explore your options. Keep in mind that the last day to sign up for a new plan is December 15th, to ensure that you do not lose coverage on January 1st.
Premier is an independent Lisle IL health insurance agency, specializing in health plans for individuals, families and businesses. We charge no fees for our services, and can help you in finding a new plan if your existing coverage is being canceled. Contact us at 800-369-0287 or by-e-mail to learn more or speak with one of our licensed agents today.