Every year at Knapp Tedesco during the months of October, November and December our phones are busy with questions coming to us related to health insurance. We could write an entire newsletter educating and summarizing information for you on this ever-changing market. Here are a few FAQ’s:
What are premiums predicted to do in 2017?
Group health insurance and Medicare Supplement insurance rates for 2017 are business-as-usual and will remain stable. Individual health insurance policies that were purchased under the Affordable Care Act (ACA) are proving to be unsustainable as it relates to premiums charged. Wellmark individual ACA health plans will see a 38%-43% rate increase in 2017. Aetna ACA policyholders (formerly Coventry) will see a 22.5% increase and Medica policyholders will see a 19% increase.
Is the Affordable Care Act (ACA) here to stay beyond the election?
From all indications the ACA is here to stay. Huge investments have been made into the ACA and it is integrated deeply into our health insurance system. Regardless of who becomes the next leader of the United States, health care reform has taken off and will continue its journey towards progress.
Is it true that some of the health insurance carriers are pulling out of the market in 2017?
This is true. United Healthcare will stop offering ACA plans in Iowa in 2017 due to significant financial losses on the exchange. Wellmark remains a player in the ACA market but has drastically reduced the product offering and has dropped their PPO network.
When can I make changes or sign up?
Group health insurance, Medicare Supplement insurance and Individual health insurance operate off of an open enrollment period. This is a specific period of time each year when you can sign up or make changes. Iowa’s open enrollment for individual health runs from 11/1/16 through 1/31/17 so now is the time! The staff at Knapp Tedesco can help you understand your health insurance and can be your trusted advisor in this rapidly changing market.