What Happens When My Health Insurance Isn’t Renewing?1

What Happens When My Health Insurance Isn’t Renewing?

What Happens When My Health Insurance Isn’t Renewing?

When your health insurance does not renew, it indicates that your current health insurance policy is about to expire and that the insurance provider has decided not to renew your coverage for the following policy period. This may occur for a number of reasons, such as non-payment of premiums, modifications to the insurance company’s product offerings, or adjustments to your personal situation that render you ineligible for the current plan.

 

When your health insurance isn’t renewing, these things usually take place:

A written notice of non-renewal must typically be given to you by the insurance company well in advance of the policy’s expiration date. The particular justifications for non-renewal should be listed in this notice.

You will need to look into your options for acquiring new health insurance coverage. You can accomplish this in a number of ways:.

a. Employer-Sponsored Insurance: During your employer’s open enrollment period, you might be able to enroll in a new plan if you have access to employer-sponsored health insurance.

b. Government-sponsored health insurance plans: Depending on your income and family size, you might qualify for Medicaid or the Children’s Health Insurance Program (CHIP).

c. Health Insurance Marketplace: During the open enrollment period, you can look at your options on the Health Insurance Marketplace (also known as Healthcare.gov in the United States). To assist in lowering the price of coverage, you might be eligible for subsidies.

d. Private Insurance: You can also consider acquiring a private health insurance policy from an insurance provider directly or via a broker.

What Happens When My Health Insurance Isn’t Renewing?
What Happens When My Health Insurance Isn’t Renewing?

 

Consider the coverage void that will exist between the expiration of your current policy and the beginning of your new policy. Avoiding long stretches without coverage is crucial because unplanned medical costs might be financially draining.

You might be qualified for COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage if your employer-sponsored coverage has expired as a result of non-renewal or job loss. For a brief period of time, COBRA permits you to keep your current employer-sponsored insurance; however, you will probably be responsible for paying the entire premium, including the portion that your employer used to pay.

Appeal: You might be able to challenge the insurance company’s decision if you think the non-renewal decision was unfair or incorrect. Ask your insurance company about the appeals procedure.

To make sure you maintain ongoing medical coverage, it’s crucial to prepare ahead of time and research your options as soon as you receive notice of non-renewal. Depending on where you live and the local healthcare laws, going without health insurance puts you at risk for unforeseen medical costs and could result in penalties.

When your health insurance isn’t renewing, it means that your current health insurance policy is coming to an end, and the insurance company has decided not to continue your coverage for the upcoming policy period. This can happen for various reasons, including non-payment of premiums, changes in the insurance company’s offerings, or changes in your own circumstances that make you ineligible for the current plan.

 

Here’s what typically happens when your health insurance isn’t renewed:

Notification: The insurance company is usually required to provide you with written notice of non-renewal well in advance of the policy’s expiration date. This notice should include the specific reasons for non-renewal.

Options: You will need to explore your options for obtaining new health insurance coverage. You can do this through various means:

a. Employer-Sponsored Insurance: If you have access to employer-sponsored health insurance, you may be able to enroll in a new plan during your employer’s open enrollment period.

b. Government Health Programs: You may be eligible for government-sponsored health insurance programs like Medicaid or the Children’s Health Insurance Program (CHIP), depending on your income and family size.

c. Health Insurance Marketplace: You can explore options on the Health Insurance Marketplace (Healthcare.gov in the United States) during the open enrollment period. You might qualify for subsidies to help reduce the cost of coverage.

d. Private Insurance: You can also look into purchasing a private health insurance plan directly from an insurance company or through a broker.

e. Coverage Gap: Be mindful of the gap in coverage between the expiration of your current policy and the start of your new policy. It’s important not to go without coverage for an extended period, as unexpected medical expenses could be financially burdensome.

COBRA: If you had employer-sponsored coverage that is ending due to non-renewal or job loss, you may be eligible for COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage. COBRA allows you to continue your employer-sponsored coverage for a limited time, but you will likely have to pay the full premium, including the portion your employer used to cover.

Appeal: If you believe the non-renewal decision is unjust or incorrect, you may have the option to appeal the insurance company’s decision. Check with your insurance provider for their appeal process.

It’s essential to plan ahead and explore your options as soon as you receive notice of non-renewal to ensure you maintain continuous health coverage. Going without health insurance can leave you vulnerable to unexpected medical expenses and may result in penalties, depending on your location and local healthcare laws.

What Happens When My Health Insurance Isn’t Renewing?
What Happens When My Health Insurance Isn’t Renewing?

 

Why Am I Able To Keep My Plan?
On occasion, insurance providers decide that their business model no longer supports offering specific Obamacare plans in the individual market. One of these plans may exist in your mind. The insurance company has no obligation to renew your 2018 plan after it expires, even though it will probably uphold the terms of your initial contract.

 

What does it mean, however, if you get a notice that your health insurance won’t be renewed by your provider?

If your plan is one that is affected, you will need to select a new health plan during Open Enrollment in November. You will have a Special Enrollment Period (SEP) due to loss of coverage if your coverage expires before the end of 2018. If you want to choose new coverage before the SEP expires, the health insurance provider should let you know when it does.

Your coverage might not have been impacted by this announcement if you have any other type of plan, such as a group plan through your employer or a Medicare Supplement plan. If you have any queries about your other plans, make sure to contact your insurance provider.

In the event that your plan is not being renewed, there is no way to avoid getting a new plan for 2019. However, if you continue to make monthly premium payments, you can keep your plan through the rest of 2018. If the insurance provider is leaving the market earlier than expected, there are some situations in which you may not be able to keep your plan through the end of 2018. Call your insurance provider if you are unsure of the duration of your current coverage.

 

What can I do and when can I do it?
On November 1st of this year, the Open Enrollment Period (OEP) for health coverage for 2019 begins. Even after OEP begins, the plan specifics for 2019 won’t be accessible. Unless you have an earlier Special Enrollment Period (SEP) due to loss of coverage, you won’t be able to replace your plan until then. The SEP won’t start until 45 days prior to your policy’s termination date if, like the majority of plans, yours expires on December 31, 2018. If so, your SEP and OEP may be largely in agreement.

Though it might differ in your state, Open Enrollment will end on December 15, 2018. If you don’t qualify for an earlier SEP, you won’t be able to arrange your 2019 coverage before November 1, 2018, but you will be able to do so before your 2018 policy expires if you so choose. However, you must pay a tax penalty that keeps getting more expensive if you go without insurance for longer than two months of the year.

What Happens When My Health Insurance Isn’t Renewing?
What Happens When My Health Insurance Isn’t Renewing?

 

Which Businesses Don’t Renewal Plans?
In 2018, these businesses did not provide individual health insurance plans through the Affordable Care Act’s (ACA) exchanges.

Aetna (Affects Virginia, Iowa, Nebraska, and Delaware. only small-group insurance in New Jersey is affected. In the majority of the regions without Aetna’s on-exchange options, the company says it will continue to offer individual health insurance plans off-exchange.
Virginia-based Aetna Innovation Health (Affects only ACA-compliant individual plans, both on and off the exchange. Members may continue having coverage until December. 31, 2017.

All ACA plans and all but one off-exchange plan in Ohio are impacted by Anthem BlueCross BlueShield in Ohio.
Georgia’s 74 counties, including metro Atlanta, will be affected by the Anthem BlueCross BlueShield service reduction. will serve 85 counties, many of which are rural.
Anthem BlueCross BlueShield in Virginia (Will only offer off-exchange plans in Washington and Scott counties and in Bristol, VA.
Asuris Northwest Health in Washington (Affects counties except Adams, Asotin, Benton, Chelan, Douglas, Franklin, Garfield, Grant, Kittitas, Okanogan, and Whitman.

Blue Cross Blue Shield of Kansas City (Affects Kansas and Missouri. Off-exchange plans won’t be offered either.
BridgeSpan Health in Idaho, Oregon, and Washington (The exception is that individual health plan options will be offered only in Washington’s Klickitat County).
Cigna (Affects Cigna Access PPO plans in Arizona. Minuteman Health in Massachusetts and New Hampshire (Also affects small-group health insurance plans in NH.
Wellmark in Iowa (Could change its mind before 2018.

 

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Find out more information from the official website of the United States government: https://www.usa.gov/health-insurance

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