All right, I’ve never been a big Shakespeare fan, but we must ask the question at this crucial time of the year: Do I Renew, or Not Renew?  

What are the Top Reasons I Should Consider an Early Renewal?

Renewing in November or December of 2013 provides you with security, stability and clarity for an additional 12 months. It also allows you to wait to implement the full aspects of the Patient Protection and Affordable Care Act (ACA). For most individuals there will be a significant cost savings renewing early, or enrolling in a new plan.

An early renewal essentially lets you “renew” your health insurance this December to “lock in” your pre “ObamaCare” rate for an additional 12 months.  But the big bad health insurance companies are offering these, never before seen, early renewals because they know how expensive your health insurance is going to be next year.  Why are health insurance rates going up so dramatically…two words “Community Rating.”  No longer are you given rates based on your health status.  As part of the Affordable Care Act “Community Rating” takes effective January 1st, 2014.  

In my mind that's a pretty telling indication of what your health insurance costs (unsubsidized) are going to be next year.  Every Utah health insurance company is offering an early renewal option.  And if you don’t believe your rates are going up, I recommend you get a rate quote from the Federal Exchange (if it’s working) and see what your future costs are going to be.  You can also determine if you qualify for tax credits and/or subsidy.  You can also get a quote from Utah Insurance Solutions website.

If you’re one of the few that qualify for tax credits/subsidies to pay for part of your health insurance premium, we can help you determine your tax credits and/or subsidy amount.  We can also help you find a health plan on the Exchange that fits your unique needs.  The sad thing is the rates are so high that I’ve seen many clients qualify for a “tax-credit” on the Exchange, but still found it was cheaper to early renew or purchase a new plan off Exchange.

Keep in mind it doesn’t cost you any extra to use a local broker or agent to help guide you through this unprecedented time.  The Affordable Care Act is way too complex to try and navigate on your own.   If you thought buying insurance was confusing before the Affordable Care Act, just multiply that by ten.   

If you want help deciding if an early renewal option is a good fit for you please call or email us ASAP.  The early renewal option goes away in 2-3 weeks.  Please feel free to call and ask all your Affordable Care Act questions.

Please call or email MacKenzie Boyce (Individual Health Insurance Specialist):

Ph: 801-787-3973
Email: MacKenzie@UtahInsuranceSolutions.com

Bret Harding MBA, (Certified Healthcare Reform Specialist)
Ph. 801-372-2647
Email: Bret@UtahInsuranceSolutions.com

                                                                                                                                                  Visit: www.UtahInsuranceSolutions.com.
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