Child Only Health Coverage Policies Dropping off the Market thanks to Health Reform
With the progressive implementation of ObamaCare marching on, the unintended consequences and perhaps the intended consequences (good and evil) are beginning. Child only plans for children 19 and under is going away, NOW. We have a small window of opportunity to get your healthy children covered before this happens. Some Individual Health Insurance carriers are already out of the market, two more gave us notice for 10-1 and another carrier we checked with is trying to decide. Since insurance is a business, (this I know is a surprise to some of you) and it is based on statistics, the remaining carriers probably will be dropping the child only coverage’s as well, or the children with the health issues will be concentrated in one of two companies, and that will affect their profit.
Where Child Only Coverage has helped us in the past, is most group carriers charge one price for adding children whether you have one or sixteen, (which is a real bargain at that price). For families with one child we would frequently take the single child and put them on their own individual health plan to save people money, as most employers do not pay for dependent care and Individual health for one child over 2 years old is usually cheaper than placing them on a group health plan. This has worked for us for a number of years. If the child had health issues we would leave them on the group plan, since we could get them covered there. Well kiss this option good bye, as the child only plans are disappearing to offset the fact that with ObamaCare children as of 10/1/10 will have to be guaranteed health coverage no matter if they have a health condition. Insurance carriers are limiting this option by only allowing child coverage with them, if they are joining a plan with a parent. If you are in this situation with your current group plan or have questions on how to manage these situations please give us a call.
We can still write children on an individual health plan for now but soon we will need a parent with them on the plan if they need coverage. We would be happy to go over this in more detail with you or any other questions you have about the changes that are affecting the health insurance industry due to the new health care act. Please do not hesitate to give us a call 480-830-2595 or shoot us an email at frontdesk@wearingtoomanyhats.com. You can also subscribe to our health reform newsletter that will be bringing you monthly points of interest such as this blog by Clicking Here to subscribe.
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