If you 
currently buy your own health insurance (vs. getting it through your employer), you may be wondering what your next steps will be now that implementation of the next phase of the Affordable Care Act (ACA) is getting closer.
Here is a quick run-down of your options.
If your current coverage is a grandfathered health insurance plan and you have favorable rates and terms on the current plan, then you are all set. Sit back and relax! If you are not sure how your plan compares – please give us a call and we can quickly advise you.
If your current coverage is not ACA-compliant, then Virginia Medical Plans can help you decide between three options:
- Switch to an ACA-compliant health insurance plan effective January 1, 2014 (open enrollment begins on October 1, 2013).
- If your next policy anniversary date is before the end of 2013, renew your current coverage on that date, and then switch to an ACA-compliant plan at the end of the next policy year.
Example: If your current policy renews on August 1, 2013, renew your coverage for another year, and then on August 1, 2014, switch to an ACA-compliant plan.
- If your next policy anniversary date is in 2014, and if your insurance company offers early renewal, renew early to extend your policy anniversary date as far into 2014 as possible. Letters offering early renewal will be sent by some carriers in September of 2013. Click here to learn if early renewal is right for you.
Example: If your current policy renewal date is January 1, 2014 (or any time in 2014), but your carrier offers early renewal as late as December 1, 2013, renew your policy then, to extend your current policy through December of 2014. At that time, you will purchase an ACA-compliant plan.
Virginia Medical Plans is here to help you determine what is best for you. Give our office a call!
