The Patient Protection and Affordable Care Act (Affordable Care Act) adds many protections related to employment-based group health plans for you and your family. These include extending dependent coverage up to age 26; prohibiting preexisting condition exclusions for children under age 19 and for all individuals beginning in 2014
The Obama administration has unveiled data showing that many Americans with health insurance bought under the Affordable Care Act could face substantial price increases next year — in some cases as much as 20 percent — unless they switch plans.
The cost of Obamacare could rise for millions of Americans next year, with one insurer proposing a 50 percent hike in premiums, by New Mexico insurer Blue Cross Blue Shield. The Blues in Maryland and Tennessee, both with the largest market share on the exchanges in their states, are seeking increases of more than 30 percent. In Oregon, Moda Health Plan — which attracted more than 40 percent of exchange customers in 2015, despite competing against a dozen other health plans — is seeking average rate increases of 25 percent.
As was the case last year, the plans that had the lowest premiums in 2015 were usually no longer one of the two lowest-cost silver plans in 2016.
Employers must provide notice to employees of coverage options. No later than October 1,
“Consumers should shop around,” said Marilyn B. Tavenner, administrator of the Centers for Medicare and Medicaid Services, which runs the federal insurance exchange serving three dozen states. “With new options available this year, they’re likely to find a better deal.” in only one city (Portland, Maine) would a person who signed up for either of the two lowest-cost silver plans in 2015 be able to stay in the same plan and still be enrolled in one of the two lowest silver plans in 2016. The effect of changes in the benchmark premium relative to other plans is magnified for subsidized enrollees because the tax credit is tied to the premium for the second-lowest cost silver plan in a given year.
During open enrollment 2015 you can change plans. In fact open enrollment is the only time you can change plans outside of qualifying for a special enrollment period.
Premium changes for 2016 will vary substantially across areas and across insurers within a given region
Insurers are offering 25% more plans overall. While not all regions will see a big increase in plans, some will. So even if you like your plan Shop Around and compare your options.
If your income changed or living situation changed verify it with the marketplace. A new job that offers full-time coverage or a change in income can affect your cost assistance.
Just because you kept your grandfathered plan last year doesn’t mean you will be able to keep it again.
Some current consumer’s may be able to renew their plan in 2015 and in 2016, others will need to shop around for coverage during open enrollment.
Employer Mandate 2015
The employer mandate (the one that said large employers have to cover full-time workers) starts in 2015 for businesses with more than 100 full-time equivalent employees, and has been pushed back until 2016 for employers with between 50-100 full-time equivalent employees.
The Fee for not having coverage (officially called a shared responsibility fee) increases each year by set increments until 2017. In 2017 it adjusts for inflation. Here is the current per month fee for not having coverage:
$325 per person and $162.50 per child per year | or 2% of your income (whichever is greater)
Small businesses with 50 or fewer full-time equivalent employees (FTEs) can start using the SHOP (Small Business Health Options Program) this year to get coverage and apply for tax credits.
Businesses that employ 100 or more full-time workers will be subject to the mandate starting this year. However, the final rule gives these employers more time to ramp up coverage. To avoid fines, large employers only need to offer coverage to 70% of workers in 2015, rather than 95%. They will need to start offering coverage to 95% of workers in 2016
Employers with greater than 80 employees (was 50 last year) also get hit with higher penalties. Employers failing to offer minimum essential coverage to their employees for any month is $2,080 times the number of qualifying full-time employees during such month. The penalty on employers who offer coverage but have employees who qualify for premium tax credits is $3,120 times the number of individuals to which an applicable premium tax credit or cost-sharing reduction is allowed or paid.
You can Compare Side by Side Quotes from All of the Carriers Offering Plans in your area at:
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The AUTO CLUB of N.A. Group (ACNA) is a multi-channel, sales, marketing and membership organization that utilizes a var…iety of distribution platforms in order to provide information, advocacy, insurance products and assistance directly to consumers, associations, affinity groups and others on an international basis.
ACNA offers a full range of consumer-focused products designed to help make membership Loyalty sales an enjoyable experience. As an US-based membership loyalty and product platform not owned by an insurance company corporate parent, we are able to provide unique access to a broad spectrum of A-rated insurance carriers and products not only from the US, but throughout the world.
The ACNA mission is to promote the interests and well-being of our organization, our members and the community at large. We strive to make a positive difference in society by educating the public and expanding our reach through charitable and civic endeavors. We are active in developing and promoting activities that establish, protect and foster the rights of those we serve.
The ACNA organization promotes and advocates on behalf of our broad-based, diverse membership. We provide distribution of timely, relevant information, products and services for the benefit of our members. Our offerings include a wide variety of “consumer-focused” products and services.
Our sales and service requests are derived from consumers throughout the world who can visit our website, have been in contact with our inbound/outbound telemarketing professionals or have been contacted directly through our sales and marketing team. Consumer awareness of our brand emanates from traditional advertising, new media, web searches, joint-marketing and referrals in conjunction with associations, affinity groups and other interested entities.
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