Insurers Extend Deadline for Ending Current Plans
Consumers have a choice: Keep current plans a little longer or shop for more comprehensive plans and financial assistance through Cover Oregon
Today, nine insurance companies notified the Oregon Insurance Division that they will offer theoption to renew current individual health plans that are not compliant with the federal Affordable Care Act.
• Offering to renew through March 31, 2014: Moda Health Plan, Inc., and PacificSource Health Plans. These plans cover a little less than 40 percent of people in the individual market.
• Offering to renew through Dec. 31, 2014: Regence BlueCross BlueShield of Oregon, Kaiser Foundation Health Plan of the Northwest, Providence Health Plan, LifeWise Health Plan of Oregon, Health Net Health Plan of Oregon, Inc., Time Insurance Company and John Alden Life Insurance Company. These plans cover about 60 percent of people in the individual market.
Companies must notify their customers of their options by Nov. 29, 2013. Consumers who want to renew their current plan must opt-in to keep their current plan. The renewals will not be automatic. To be eligible, people must have been covered by their plan as of Oct. 1, 2013 and continue coverage through Dec. 31, 2013.
People who choose to keep their existing plans will not qualify for tax credits to lower costs through Cover Oregon, but they will avoid a tax penalty in 2014 under the individual mandate.
Last week, Oregon Insurance Commissioner Laura Cali gave insurers the option of continuing existing plans through March or December of next year. Companies had to notify the Insurance Division Friday with their decisions.
With today’s announcement Cali also stressed that Oregon consumers have more choices than ever in 2014.
“Consumers can choose to keep current plans a little longer or they can choose to shop for more comprehensive benefits and financial assistance through Cover Oregon,” Cali said.
Nov 22 2013