By Trish Pearson
Insure Your Future
Trish Pearson
There are comings and goings in the insurance industry next year. The important thing to know is that there are still plenty of good options available. Seniors and individuals under 65 will be able to find affordable insurance and continue to see their current providers.
What we know is that three insurance companies will no longer offer Medicare Advantage plans in Connecticut next year: Connecticare, Care Partners and Wellcare. The result is 52,000 members in Connecticut will need to find new insurance plans effective Jan. 1.
A new company, Devoted Insurance, will offer plans which will include dental, vision and over-the-counter benefits. Aetna, Anthem and United Health Care will continue to offer Medicare Advantage plans in New Haven County, but the benefits may be slightly different.
Standalone prescription drug plans will still be available and current plans will renew.
The individual insurance outlook is still unclear. Anthem and ConnectiCare will continue to offer plans on the exchange as well as through Business Plus. This is an option that small employers should consider. It provides flexibility both for cost as well as plan designs to meet the needs of employees.
What we don’t know is how much it will cost. The premiums are not determined yet, but their proposals include double digit increases. Connecticut’s Insurance Commission will negotiate and hopefully come to a more reasonable premium agreement.
If this is important to you, reach out to your state legislators and let them know.
Temporary premium assistance provided by Gov. Ned Lamont is due to expire on Dec. 31. This means that we will see reductions in the net premium credits in January. If the new US Congress chooses to renew the former Affordable Care Act levels, we could see increased eligibility for tax credits later in 2027.
This will be a busy fall, and it will be much easier and less stressful if you keep these points in mind:
– Seek advice: Change can be challenging, but with help it is much easier.
– Find the plan that best fits your needs, not your neighbor’s or your sister-in-law’s.
– Consider all options – there will be good choices.
– Educate yourself and listen to the professionals as opposed to armchair experts.
The annual enrollment period for Medicare is Oct. 15 to Dec. 7. Those losing coverage will have until Dec. 31 to choose a new plan. Open enrollment for the Access Health CT is Nov. 1 to Dec. 15.
There will be many notices and emails regarding the enrollment process; don’t ignore them. However, there will also be many unsolicited communications. Make sure any messages you receive are from a source you know and trust.
Trish Pearson is a licensed independent insurance agent and certified long term care specialist. Contact her at 203-640-5969 or trishpearson281@gmail.com.