At the end of the day today, health insurance as we have known it will begin it’s final lap. When the clock turns to 12:01 AM tomorrow, October 1st 2013 a new era begins. With effective dates of January 1st 2014, the new healthcare marketplaces will open online for consumers, and on paper for small businesses. Available will be plans from multiple insurers in each state, with more to come in the future. The most important differences will be that all plans will cover pre-existing conditions. No applicants will be turned away because of their current health conditions, or ones in the past. New rating methodologies will change which will spur big differences in premiums in both directions, up and down. And subsidies and tax credits will become available for the first time to help consumers and businesses cover not only the cost of buying insurance but also the costs associated with care.
Along with those things come some trade offs. New taxes, fees and regulations, many of which have never been imposed before come into the health insurance arena. Will this be beneficial to all of us as a whole, or only a select few? Only time will tell. But we here at Total Benefit Solutions are prepared to light the way for people, for businesses and even for seniors in the Medicare segment. Many questions will arise and many things will be uncovered as we bravely move forward into the new health insurance world.
What do you think? Are you prepared for 2014 and beyond?