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Will the Repeal of Obamacare Affect You?

Will the Repeal of Obamacare Affect You?

In just a few days, a new President will be inaugurated and life as we all know it will change. Or will it?

One of the many promises the President-Elect made during the election cycle was to repeal the Affordable Care Act, also known as Obamacare. This made many voters nervous, as the Act has allowed health insurance coverage for millions of Americans who were unable to obtain coverage before the Act was enabled.

This is a legitimate concern for many Americans, but here is why you don’t need to worry just yet.

It Won’t Happen Right Away

Upon election the incoming President immediately backed away from plans to repeal the Act in its entirety stating that he may even keep some parts of it. Those parts include the coverage for pre-existing conditions and the mandate to cover children up to age 26 on a parental plan, two of the most popular parts of the current Act.

While the House and Senate Republicans are currently trying to put together enough support and a workable plan to repeal the ACA, they have yet to do so. The current Act took nearly two years to enact, and may take as long to be repealed and replaced. While the President-Elect has asked that Congress work quickly to repeal and replace, Congress is well-aware that changes won’t happen overnight.

You Won’t Lose Coverage Right Away

Insurance coverage is a contract between the insurer and the insured. As such, your contract with your insurer is to pay a certain amount of money per month over the course of a policy term, usually one year. If there are changes during the year you must advise your insurance company as soon as possible. If anything changes with your insurer, they must advise you within a reasonable amount of time.

Currently you must receive a 30-day notice if you are going to lose your health insurance coverage.  If there is going to be a change in your current coverage you must be given 60 days notice. These time periods allow for negotiation or replacement of coverage.

If the ACA is repealed, you should receive notice that your coverage will not be renewed at least 30 days prior to your renewal date. The vote for repeal of the Act does not automatically end your current insurance coverage.

In fact, your insurance carrier may elect to renew your coverage with changes, and of course, an increase in premium.

You Can Be Covered For Pre-Existing Conditions

Even if the ACA is repealed in its entirety and there is no replacement for the Act, pre-existing conditions can still be covered.  This was true prior to ACA and will be true post-ACA.

Your insurance broker will have access to insurance carriers that do cover those with pre-existing conditions who have not had prior coverage. It is not inexpensive coverage, but it is and always has been available.

For those with pre-existing conditions who are currently covered under ACA or were diagnosed with conditions while covered under the ACA, there is even more good news. You have current coverage that, if continued, will be credited as prior coverage when you are searching for a post-ACA plan. You no longer have an uninsured pre-existing condition because you have had prior insurance, which makes it easier to get continuing coverage.

The ACA has indelibly changed the way insurance is viewed and how it is purchased in the United States. For some it has been a Godsend, and for others it has been a curse. However you view it, it will continue to affect the health insurance industry and those who need insurance for years to come.

If you are concerned about your current coverage, or if you need to be or would like to be insured, call Hayes Brokers for a free no-obligation quote.

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