For individuals and families covered under Aetna insurance, you may have received some confusing letters from Aetna regarding Health Care Reform. While many carriers are letting all clients stay on their coverage until 12/30/2014, Aetna is forcing some members to change their policy the end of this year. For the most part this change is protecting your plan, so you must understand what is about to unfold.
From what I can understand from the most recent Aetna letter, it has broken it’s private heath insurance into three categories.
Current Aetna members on plans that started prior to March 23, 2010, and have not made any policy changes, can remain on their plan. Obamacare considers them grandfathered and they can keep their policy until the government dictates otherwise. For any long time Aetna clients this would be a great option.
Secondly, Aetna members who are non-grandfathered with an original start date between January 2013 and July 2013 Aetna will allow those member to renew December 1st 2013 and be able to stay on their current plan. If the member does nothing, they will have to enroll in Obamacare plan during open enrollment.
Lastly, Aetna members who are non-grandfathered who will have a start date between August 2013 and November 15th 2013 will keep their plan for 12 months, then at the anniversary date in 2014 they’ll be asked to pick an Aetna Obamacare Plan.
While this Aetna letter (along with all the other letters…) can be confusing, I strongly recommend calling us at 877-305-9083 to review your options together.
Essentially, 2014 will be a filled of treasure chests and mine fields. Making the wrong decision could cost some people 9.5% of their income, while continuing with current coverage could save hard working families thousands of dollars. The key number to watch for is not your height and weight, and not the number of medications you may or may not have, and not your age, but your household income. If your family income level is higher than what is listed below, it is almost 100% certain that you will pay more with Obamacare then you do today.
You will pay considerably higher premiums under Obamacare if:
- Individual: Earning over $46,000
- Family of 2: Earning over $62,000
- Family of 3: Earning over $78,000
- Family of 4: Earning over $94,000
- Family of 5: Earning over $110,000
- Family of 6: Earning over $126,000
If your income is under these levels, you will get a subsidy to help cover the increases costs of Obamacare. This does not necessarily mean you will save money, but you may have better coverage for the same rate.
If you are lower income, about half the incomes shown above, you should do OK on Obamacare. Obamacare should offer to pay a decent amount of your premium.
Ready to shop your current coverage. Take a minute to review the 2013 health insurance rates or give us a call 877-305-9083 to discuss your Aetna letter.