Updated May 2016
Back in 2014, with the passage of “Obamacare,” a lot of plans were grandfathered in (meaning they could keep their plans exactly as they are provided they met certain requirements). But even with the grandfathered plans, some were required to make changes by 2016. Now many people are finding themselves in a situation where their plan is no longer being offered. So what do you do?
If your plan is cancelled
If your insurance company cancels your plan, you have several options:
- Buy one of the plans your insurance company is offering.
- Buy a new plan in the Marketplace.
- Buy a plan outside of the Marketplace.
Buy a plan your insurance company is offering
Going with a new plan your company is offering is usually by and far your best option, especially if your company is paying for all of it. However, if you’re company is paying for just a portion, a company sponsored health insurance plan may not be the best choice for you depending on your situation.
Buy a new plan in the Marketplace
If you’re young, healthy, and/or maybe not making as much money as you need to cover your current cost of living as well as save for the future, then buying a plan in the Marketplace might be a good option for you. For example, a family of four making less than $64,505 will get a substantial cost sharing reduction tax credit, thus making these plans extremely affordable options. Click here to see if you qualify for a tax credit for health insurance in California. The marketplace offers four levels of insurance ranging from bronze (the least expensive as well as offering the least amount of features) up to platinum (the most expensive and almost everything is included in the plan).
Buy a plan outside of the Marketplace
If you make more money than the income guidelines allow, you need specific quality of care, or you need to go to a doctor that does not take a marketplace plan, then you will need to purchase a health insurance plan outside of the marketplace. Using a broker, like us, can help you narrow down your options while making sure that the plan you do get has all of the necessary components you need.