I just received outstanding news from Assurant Health insurance company. In February I wrote this article that referred to a federal regulation which states that if you have an individual health insurance policy from the ‘old market’ – non grandfathered plans from 2013, 2012, 2011, 2010 and even grandfathered plans purchased prior to 3/23/2010. And, that policy renews in 2014 you can purchase a new 2014 ‘Medal’ plan on a guaranteed issue basis (no preexisting conditions) all year long, even outside of ‘open enrollment’ periods. The problem is other carriers are not considering the renewal of an old policy to be a ‘qualifying event’. So up until now, I was told that short term (temporary health Insurance) would be the only alternative for those who still have pre-2014 policies that are renewing this year.
Assurant Health announced yesterday that they are now honoring this regulation that states quite clearly that if you have an ‘old’ policy from the ‘old’ market and that plan renews you can purchase a 2014 ‘qualified’ Bronze, Silver, Gold or Platinum health insurance plan on or off the exchange on a guaranteed issue basis between open enrollment periods. This is VERY good news for anyone who has an ‘old policy’ that renews this year and is facing a large premium increase and/or has exclusion riders on their existing policy and wishes to purchase a new 2014 plan without exclusion riders.
At this juncture, Assurant Health is the only carrier that I am aware of that is honoring the aforementioned regulation and as such they have a corner on the market until the next open enrollment period begins on November 15, 2014 for coverage effective dates beginning no sooner than January 1, 2014. As I stated in this recent article, many health insurance carriers like Aetna and Humana are not even offering short term (temporary) health insurance products until the next open enrollment period and the few carriers who are offer them with dangerously low lifetime maximum coverage amounts. It must also be reiterated that if you purchase short term coverage these policies do not cover preexisting conditions and you will be subject to a 1% of your MAGI ‘fine’ (TAX) from the IRS if you purchase short term coverage because those plans are not considered ‘qualified health plans’ under CMS and HHS regulations.
If your old health insurance plan is renewing in 2014 and you wish to get quotes from Assurant Health for a qualified replacement plan click their logo below. There is a now a new section on the application where you will need to either upload a copy of your existing health insurance ID card proving that you have a policy from the old market or you can fax a copy of your old ID card to the fax number provided on the application. This is necessary to prove that you qualify for a special enrollment period as an applicant with a qualifying event.