I hope everything is going great in your world. I want to go over some changes to the under 65 market. They have rolled back the off-market plans stipulations. These are plans that do not meet the minimum essentials of ACA. These plans have been limited to 90 days.
Well, the good news is they allowed off-market plans to go back to one year up to 36 months. What this means is you will be able to get a policy that will provide deductibles, co-payments, and coverage for up to a year that the premium is not based on income as it is with the ACA.
I bring this up because I talk to quite a few people each day that are continuing to work because they need the coverage for their spouse. Or, they need a plan for their spouse who does not turn 65 for a few years. Until recently the only option they have would be the ACA and the premium is based on income. The ACA or Obamacare plans have to meet minimum coverage benefits. They have to cover maternity and things like that. The off-market plans do not have the same stipulations so in a lot of circumstances the rates are dramatically lower.
There are a lot of doctors that are not accepted ACA insurance and unless it is an emergency will not cover you outside of your network. Most of the off-market plans or term insurance is a nationwide network. You can go see any doctor that accepts this insurance, similar to traditional Medicare. There are a lot of benefits to these policies versus ACA plans.
Now, because I give the good, the bad, and the ugly, to everything I do, there are some drawbacks. These plans will not cover pre-existing conditions. ACA has no such stipulations but with term insurance, if you have a serious health issue, they will not cover you. This is how they are able to keep rates lower-because they can choose whom they wish to insure. If you are on a term policy and develop a serious illness then when the term runs out you will have to find other insurance, probably ACA. Another potential drawback is there is a cap on the amount of coverage you would have, up to $2,000,000. Most people will not even come close to hitting that number, but again I would not be doing my job if I did not bring it up.
As I have stated, there is good and bad in both types of plans. It is very important that you talk to someone that knows what they are doing and will be able to point out what is good and what is bad about them-someone that wants to make sure you are properly covered. If you have questions about these plans I know someone that is well versed in the under 65 market. Give me a call we will go over what you are looking for in a policy and make sure you are properly covered.
One last thing, try to do something nice for someone today, even if it is a simple as holding the door for someone. With all that is going on in this crazy world, we could use a lot more kindness.
Wishing you all the best I am,
Randall J. Lawson
The HgO Group
National Producer Number #9276045