What happens when my health insurance isn’t renewing?
You may have received a notice that your plan was not being renewed this upcoming year. First, don’t worry. Your current policy most likely can still be used through the end of the year, and you will have time to replace it before it expires.
Why can’t I keep my plan?
Sometimes insurance companies decide that selling certain Affordable Care Act plans in the individual market no longer works for their business model. You may have one of these plans. While the insurance company will most likely honor your original contract term, it has no obligation to renew your plan once it expires.
But what does it mean if you received a notice that your insurance company isn’t renewing your health plan?
- If you have an affected plan, it means that you will have to pick a new health plan during Open Enrollment this November. If your coverage is expiring before the end of December, you will have a Special Enrollment Period due to loss of coverage. The health insurance company should tell you when the SEP ends so you can choose new coverage before that date.
- If you have any other kind of plan, such as a group plan through your employer or a Medicare Supplement Insurance plan, your coverage may not have been affected by this announcement. Be sure to call your insurance company if you have any concerns about your other plans.
There is no way to keep your current plan if it isn’t being renewed. You can, however, keep it for the rest of this year—as long as you continue to pay your monthly premiums. There are exceptions to being able to keep your plan if the insurance company is leaving the marketplace sooner. If you aren’t sure how long your current coverage will last, be sure to call your insurance company.
What can I do (and when)?
The Open Enrollment Period (OEP) for health coverage begins on November 1. The plan details for this year’s available options won’t even be available until OEP starts. So, it won’t be possible to replace your plan until then (unless you have an earlier Special Enrollment Period due to loss of coverage).
If your policy expires on December 31, like most plans, you will have an SEP that won’t begin until 45 days before your policy’s termination date. If this is the case, your SEP may mostly line up with OEP.
Open Enrollment will end December 15, though it may vary in your state. While you likely can’t get your new coverage squared away before November 1, you will be able to replace your current policy before it ever expires.
Where can I turn for help?
Turn to us! HealthMarkets understands that receiving a notice that your plan is not being renewed is unexpected and maybe even frustrating. We can help get you through this and make sure you’ve got new coverage that meets your needs and budget. We can help, and our service comes at no cost to you.
Give your local, licensed insurance agent a call when you’re ready to get started at (800) 827-9990.