The Affordable Care Act (ACA) has brought sweeping changes to the health insurance industry, and there’s nothing simple about navigating its new rules and requirements. Over the past few months, I’ve attended several meetings focused specifically on how the law impacts individual health insurance plans — and it’s clear that both consumers and insurers have a lot to prepare for.
Across the country, insurance carriers are redesigning their individual plans to meet ACA compliance standards. Every company must submit its new plans and rate structures by April 30, 2013, after which the State Insurance Commissioner will review and approve them — a process expected to take until mid-summer.
What This Means for Consumers
In the meantime, individuals and families will need to maintain their existing health coverage to stay protected for the rest of the year. The newly approved qualified health plans (QHPs) and premium rates will take effect in October 2013 in Colorado, giving consumers new options that meet all ACA requirements for essential coverage.
While these changes are designed to make health insurance more accessible, they also add complexity to the selection process. Choosing the right plan under the new system will require careful comparison of benefits, premiums, and network options.
The Role of Health Insurance Brokers
Given the level of change and uncertainty, I strongly recommend that everyone work with a licensed health insurance broker who understands the new law and can guide them through the transition. Brokers will play a crucial role this year — reviewing new plan details as soon as they’re released and helping clients understand how these updates affect their coverage and costs.
By summer, once the Insurance Commissioner finalizes plan approvals, brokers will begin reaching out to their clients to explain the new rates, benefits, and compliance requirements under the Affordable Care Act.
Staying Informed
Health reform continues to evolve, and staying informed will be key to making sound decisions about your healthcare coverage. Whether you’re an individual shopping for insurance on your own or a family looking for better protection, working closely with a knowledgeable broker can ensure that you have the right plan at the right price — without the confusion