As more individuals and families receive notifications regarding premium increases on their health and medical insurance, we've received many requests for information on the various options available. Many will see their plan cancelled at the end of the year, while an equally concerning number are being informed of higher rates to come.
If you're among the many who are concerned about this change to your coverage, here is a list of options when it comes to making a decision on health care.
Accept the Premium Increase
If the increase is something you won't feel financially, you have the option of simply letting your plan renew at the higher premium. This understandably won’t work for everyone, but for those who can afford it, it's an easy option if you're happy with your existing plan.
Choose a New Plan
If your rates are increasing to a tier you're not comfortable with, you can always shop for a more affordable plan. Keep in mind this may require going with a higher deductible or copay amount, or a more limited hospital/physician network. This is one of many things an agent can explain and help you resolve.
Call a Local Health Insurance Agent
This is clearly an area where a skilled health insurance broker can save you time, money and stress. By looking at your existing plan details and premium, he or she can show you a wide range of comparable plans, or assist with application submissions, subsidies, plan changes and more.
Deal with the Carrier Directly
This is typically the first thing people think of doing when learning of their premium increases. The carrier can help you directly with your policy, but it's worth mentioning that we've heard some real stories about on-hold times during open enrollment. Calling a local agent is fast, easy and free of charge.
Apply for a Healthcare Subsidy
Depending on your income and employment status, you may be eligible for financial assistance with your health insurance. As with contacting the carrier, you have the option of doing it yourself over the phone or via internet. At Premier we staff licensed agents who specialize in Affordable Care Act applications, as well as subsidy submissions and other programs.
Let Us Review Your Policy Before You Renew
So much has changed for 2016, it's difficult to know where to begin. If you make a mistake on your application, it can be extremely difficult to correct before the close of open enrollment. Before you automatically renew your plan, we encourage you to let one of Premier's agents review it and show you all of your options.
If you have questions about a 2016 rate increase notification, or have other questions about health insurance, we're here to help you.
Call our Lisle office at 800-369-0287 to speak to an agent right now, or write to us through our secure contact page.