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You just got your healthcare premium notice and your rates are going up 25-60%…now what? It’s important to remember that you have options. There is no need to panic and thanks to the Affordable Care Act (ACA), you don’t have to take a rate increase lying down.
In Minnesota we have many health insurance companies to choose from. On top of that, you can no longer be denied coverage due to pre-existing conditions. Previously, this exclusion forced members to stay on their plan regardless of how high the premiums increased. Now policyholders can shop their insurance options every year. Here are several options for you to lower your health insurance premiums for 2015:
- Shop for a new plan – You don’t earn any longevity discounts or “brownie points” by staying with the same plan year after year! In fact, when renewal period rolls around, carriers often introduce new plans at lower price points. As a result, there is much turn over; leaving fewer members remaining on the older plans. So the older block of business will experience higher rate increases since there are fewer people in the pool to spread out the risk. You can browse the new plans out there with this helpful tool.
- Check your doctors – Many carriers have introduced new networks which work with specific care systems. If you are particular on where you do your doctoring, you may find savings by choosing a plan with a network that works specifically with your provider preferences as opposed to open access networks which typically include 90-95% of all clinics and hospitals in the service area. Check to see if your doctor is in your network!
- Work with an independent agent – An independent agent works as your “one stop shop” for searching a new health insurance plan. We take the guesswork out of choosing a plan and the enrollment process. The task can be overwhelming and downright daunting if you are not aware of the many changes that have taken place with the ACA. Having an expert guide you through the process will give you the peace of mind you are looking for in your health plan. Plus, there is no extra cost to having an agent, so you’ll pay the same price whether you go directly through the carrier or have expert help.
To work with the independent agents at Shoreline Insurance Group, fill out our online Request a Quote form. The information you provide will help us easily narrow down the best plans out there for you.
The rates are in and Open Enrollment begins Nov. 15th! Don’t wait until the last minute! Start shopping today!