Land of Lincoln has announced that they will be closing their doors September 30th. The special election period will start August 2nd through September 30th. You technically have 90 days to enroll in a new plan and not receive a penalty by the government for not having credible coverage, however to avoid a lapse in coverage you must enroll in a plan by September 30th. Here is what you can expect during this time.
*If you have any appointments during this time, it is safe to keep those appointments as they will continue to pay claims until September 30th, or as long as you have coverage with them.
*Continue to pay your premium to avoid a lapse in coverage.
*We will plan to discuss options again during the open enrollment period (November 1st-January 31st) as this will likely be a temporary fix to finish the year.
*ALL plans will have a January 1st renewal date. Sadly, any plan we choose now will require a new deductible and maximum out of pocket. The deductible and max out of pocket will start October 1st and end December 31st.
*Amber will be making calls to schedule appointments now for August and September. If you have a time and date you are free to discuss a new plan, please email or call the office so we can put you down in the calendar.
Below is a brief description of what options are available.
-Short term plan with United Healthcare or Humana; no pre-existing conditions are covered, premiums are significantly lower, and there is no penalty since the plan will only provide coverage for the remaining 90 days.
-Choose a plan with a separate carrier; due to the difference in networks between carriers I will need to know what Doctors MUST remain in your network.
*Please note, most carriers are no longer paying a commission during the special election period. If you choose a plan with one of these carriers a fee will be applied.*
Land of Lincoln announced that they will be closing soon. For those with Land of Lincoln, your policy will remain unchanged until a termination date is announced. You can NOT make changes to your policy unless you qualify for a special election period. Loosing coverage does qualify as a special election period. I will post updates as information is announced. I listed the article below.
http://chicago.suntimes.com/news/illinois-moves-to-shut-down-land-of-lincoln-health/
How to SAVE Money on Your Premiums…
AUTO/HOME
*When reviewing rates, always review the total package (i.e. home and auto). Often, some carriers will have a better rate on the home as opposed to the auto however, the total calculation needs to be reviewed when determining the best scenario. For example, Safeco’s rates on their home rates are not always the most competitive, but their auto rates are MUCH lower, making the total package better than most.
*Consider a higher deductible. Most people now have a $500 deductible on the auto and $1,000 deductible on the home.
*When reviewing rates, make sure to consider the wind/hail deductible. Some carriers will now require a 1% deductible for wind/hail claims. If your deductible is $1,000 and your replacement cost is $250,000, your wind/hail deductible would be $2,500. This means any claims related to wind/hail are subject to a separate, larger deductible. If your current policy has $1,000 deductible, you’ll need to get an accurate comparison.
*Do NOT skimp on coverages. Dropping your liability limits saves very little in your annual premium.
*If you own a rental, also assess the total package when shopping rates. Some carriers will require the primary residence in order to consider the rental property. Their rates can be ½ of what the other carriers offer.
*Ask to have your home’s replacement cost recalculated. Each year the carrier will increase the dwelling coverage to protect against inflation.
LIFE/HEALTH
*Consider a higher deductible when reviewing your health insurance options. If you are looking to reduce your premium a high deductible plan packaged with an accident/critical illness plan will provide you with a reduced rate and the protection you need in the event of something major. The accident/critical illness plan pays you up to a certain amount in the event of a diagnosis of an injury, cancer, heart attack, or stroke.
*Stay within your network! Do not rely on your doctor to make sure you are within the network. The doctor often will provide suggestions based on services needed. The networks have changed pretty drastically this year.
*If you originally obtained a rate on your life insurance as a smoker, ask to have your rate adjusted to nonsmoker. The carrier will require a swab test to confirm you are a nonsmoker.
*Term insurance is much less expensive than permanent/whole life insurance. Term insurance can last up to 30 years. I normally recommend purchasing term insurance to pay any of the expenses you cannot afford if your significant other was no longer here (i.e. mortgage payment, daycare, etc).
Open Enrollment this year will be November 1st-January 31st. During this time, Blue Cross Blue Shield has already announced major network changes. The biggest being the elimination of their broad PPO network. Those with a plan in this network will receive a letter and or phone call from BCBS stating that their policy will expire 12/31. You will need to pick a new plan by 12/15 to ensure there is no gap in coverage.
Those with the Blue Choice, the HMO network, or on an employer plan will NOT be affected by this change.
BCBS has also announced that there will not be a cap on out of network charges, making it extremely important to stay in your plans network. What this means is that a service that costs $10,000 at an out of network facility will cost you $10,000. Nothing will be applied towards your deductible.
The tax filing special enrollment period is now open available for plans on and off the Marketplace. In order to qualify for the special election period
*You had to pay a penalty for 2014
*Are not currently enrolled in a plan
Application submitted March 15th-April 15th will take effect May 1st and April 16th-30th will take effect June 1st
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