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Insurance News for Business, Individuals and Families
2 Million People May Lose Their Existing Health Insurance
As many as two million people across the country are receiving cancellation notices from their insurer because their current health plan does not meet the minimum standards set by the Affordable Care Act.
The ACA signed into law in 2010 requires health insurance carriers to follow strict guidelines for providing health care coverage. Some of the benefits that the law requires include:
- Annual wellness visits
- Maternity leave
- Allow young adults to be covered under parents plan until age 26
- No lifetime benefit caps
- Birth control
The much tauted health care exchange has encountered a series of problems since its grand opening on October 1. Millions of people that wanted to apply for health coverage were unable to do so. Residents in states that are running their own health exchanges have been more successful in completing the process than those run by the Federal government.
Kathy Sebelius, Health and Human Resources Secretary said in her testimony before Congress today that she expects the Health Exchange to be fully functional by November 30, 2013, giving consumers four full months to purchase health insurance on the exchange. Open enrollment ends March 31, 2014. In the meantime, consumers can enroll the old-fashioned way by phone or in person, a process that takes approximately 45 minutes for each individual to complete.
What to do if you received a cancellation notice
If you received a notice from your insurance carrier that your health insurance is being cancelled, there is no need to panic. simply enroll in a new health plan. You can compare health insurance quotes from multiple carriers and buy health insurance in the open market or from the health exchange in your state at healthcare.gov.