Wednesday, March 8, 2017

Folks Keep a Keen Eye Out for New Health Insurance Marketplace Coverage Options

In 2013, the Department of Labor rolled out a memorandum explaining to its staff the new health insurance marketplace coverage options for the yet-to-be-enacted Affordable Care Act. The memo reassured everyone that the marketplace would be a “one-stop-shop” experience so that customers may find the health insurance option best suited for them.

Apart from that, a communication was issued specifically to employers offering health coverage to their employees and another to companies unable to fast-forward in response to ACA. The same department will now see the forms and guidelines related to these communications expired.

Originally, the purpose for the guidelines and forms was to compel all employers to coordinate with the proper authorities so that their employees could select their own health coverage. Now that the ACA is at risk of being repealed, guidelines such as those from DOL are being rendered moot.

The Waiting Game Begins

It’s not just employers under the governance of the Department of Labor that are awaiting for new word on new marketplace options. States and local communities are also becoming anxious, if not nervous, as the ACA repeal becomes more likely day-by-day and without a replacement in sight.

When the repeal is enacted, among the features possibly affected is the inhibition of coverage denial in the marketplace for health related reasons. The basis used for premium costs may also be soon revised. Under the ACA, factors such as gender, age, pre-existing conditions, health status, coverage duration, small employer specifics and industry, as well as, claims history, cannot be used in the basis of cost computation. Read more on this article.

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