Cancelled Health Plans Leave Consumers Puzzled

Sticking with the old health plan or buying a new one on the exchange? Here are a few tips.

President Barack Obama speaks about his signature health care law, Thursday, Nov. 14, 2013, in the Brady Press Briefing Room of the White House in Washington.

President Barack Obama announced on Thursday, Nov. 14, that those who had their health insurance plans canceled due to Obamacare can keep them through 2014.

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It’s also important to keep in mind that re-approved plans may not carry the same premium. In North Carolina, for example, Blue Cross Blue Shield has asked to increase its rates from 16 percent to 24 percent to renew approximately 150,000 health plans, reports The Washington Post. In Maryland, CareFirst Blue Cross Blue Shield will offer renewed plans at the 2013 premium rate to 50,000 customers if they renew by Dec. 16.  

[READ: Why Do You Need Health Insurance]

Keep in mind that the 2014 open enrollment period is in effect through March 31st, 2014, so there is still time to comparison shop, contact navigators, as well as members of your state’s health insurance exchange

In looking forward, Blumberg suggests consumers not worry too much about exchange plans increasing in price in 2015. Despite low enrollment figures so far, the current enrollment period isn’t yet over, and insurers have an incentive to keep rates down in 2015, when non-grandfathered plans will disappear from the health insurance marketplace and a higher penalty will push more Americans onto the exchanges. 


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