Policy Riders and Deform Bill

[bill3173]

What happens to the riders when the pre-ex waiver takes effect?

Just curious if clients will be able to keep permanent riders to keep their cost down, or if they will be forced to drop them and pay a premium increase.

Anyone have a clue?

 

[somarco]

"If you like the plan you have you can keep it . . ."

The new Obamacrap rates are going to lead to a revolt. Got an email from Time yesterday announcing a new underwriting philosophy on kids. No more riders or CSD. IF they decide to issue a policy it will be rate appropriate.

 

[bill3173]

"If you like the plan you have you can keep it . . ."

I am familiar with this statement, but to me it really doesn't validate the assumption: If pre-ex is going to be waivered for everyone, this would be a contradiction.

 

[somarco]

As I understand it you are not required to "upgrade" to Obamacrap plan designs unless your plan goes away. This can include the carrier withdrawing from the market, that policy form is phased out and may even including your desire to increase the deductible.

Obamacrap went through so many permutations that I lost track (and interest) in trying to figure out what the final bill kept and what it jettisoned.

AFAIK, if your plan has riders you are not required to throw the old one out and get a new, higher priced version.

 

[TXINSURANCE]

As I understand it you are not required to "upgrade" to Obamacrap plan designs unless your plan goes away. This can include the carrier withdrawing from the market, that policy form is phased out and may even including your desire to increase the deductible.

Over time you will be "blocked" out as no new life will be entering the block, only existing the block. Translation - over time you will be stuck with a bunch of sickos and your rate will be through the roof.

 

[jbage007]

If your plan was issued prior to 3/23/10 and you do not materially change it, it's grandfathered. So if it came with a rider, you're good.

If you want to be.

If your plan was issued after 3/23/10 with a rider, the rider will magically disappear at some point in the future.

 

[somarco]

If you have a policy that was issued in the last 6 months and it has a rider you can drop it and pick up the taxpayer subsidized PCIP plan.

Of course you don't know what the rates are or benefits. You don't even know if you will be accepted or when coverage begins if you are accepted and you don't know when the funding will run out and what will happen at that point.

But other than that it sounds like a good plan.