When it comes to Obamacare, one word has been cropping up lately…extension.
In this week's report on the Affordable Care Act and Illinois, Eric Greene has the good, and not so good news.
The rollout fiasco of Obamacare has forced the administration to push things back. The enrollment period has now been extended a week, to December 23.
Most insurance companies say they are confident they can get enrollees covered beginning January 1, 2014 but it is not known if all companies will take part in the new deadline.
Meanwhile, if you currently have a policy that you like, you have another year to hold onto it.
Following President Obama's announcement, Illinois and ten other states are allowing customers to renew health plans that do not meet the new ACA requirements but only through 2014.
This concerns Bill Shock of the Unland Companies in Pekin. He said it is forcing insurance companies to undo what they have already done.
"All state departments of insurance and the National Association of Insurance Commissioners properly pointed out that they're would be problems with that extension,” he said. “Many insurance companies that had already sent out cancellation notices had already considered the impact of what they would need to do to comply with the law."
Shock said many, if not all, of those companies never bothered to set rates for those non-qualifying for 2014. What does this means for the policy-holder?
"The insurance companies are likely to increase rates on those plans if they extend them,” he explained. “It's important that everybody pay attention to the mail, because if your plan is going to be extended by your insurance company, you should receive written notice."
What if your current policy was canceled and you have enrolled for a new one on the exchange but now the current one is available again? Can you cancel the new one and go back? No one has figured that out yet.