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October 10, 2013

What is a grandfathered plan?

Filed under: ACA - Affordable Care Act,Obamacare — Jeff @ 6:28 am

“I thought I could keep my insurance” is a common statement that I hear from the phone almost daily. Let me clarify. Many health insurance plans that existed in March 2010 are eligible for grandfathered status; therefore, they do not have to meet all the requirements of the Affordable Care Act (ACA). But if the policyholder, the insurance company, or employer make changes to the plan, then the plan can lose that status.

If you bought a plan or changed your deductible to an existing plan after March 2010, then your plan is NOT grandfathered and you will, between now and the anniversary of your policy, need to get a new plan. If you have a grandfathered plan and it is meeting your needs, then I would strongly consider holding on to that plan as long as possible. If a new plan is cheaper because you are on a HIPAA policy or other high-risk plan, then getting a new plan now would probably be wise.