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Earlier this year, the King v Burwell lawsuit threatened Obamacare health insurance subsidies in states with federally facilitated exchanges. Many people feared they could lose access to the premium tax credits and cost-sharing reductions that lower their health insurance premiums and out-of-pocket healthcare costs.
However, on June 25, 2015, the Supreme Court upheld Obamacare subsidies.1 This decision ensures that premium tax credits and cost-sharing reductions will remain available to individuals and families who both:
Health insurance companies filed their 2016 rates for review in June 2015. The Centers for Medicare & Medicaid Services expects 2016 rates to be approved and finalized by October 2015.3 With news reports projecting double-digit premium increases, many people want to know what will happen to their health insurance rate in 2016. While it is too soon to tell, CMS projects that most people will be enrolled in plans with proposed rate increases of less than 10 percent.4
When 2016 open enrollment begins on Nov. 1, 2015, be sure to use tools such as the Health eDeals Health Care Reform Calculator to estimate your premium tax credit. In the meantime, evaluate your current health insurance coverage, schedule preventive services appointments, and visit healthedeals.com for tips on shopping for minimum essential coverage and supplemental benefits.
If you are struggling to pay your health insurance deductible and other out-of-pocket expenses, you may want consider supplemental coverage such as Metal Gap. You can enroll anytime. Get a quote at www.healthedeals.com/metal-gap or call 888-839-7679 to speak with an IHC representative.
1 The Supreme Court of the United States. King et al. v Burwell, Secretary of Health and Human Services, et al. 576 U. S. ____ (2015). http://www.supremecourt.gov/opinions/14pdf/14-114_qol1.pdf
2 Internal Revenue Service. “The Affordable Care Act: What’s Trending.” Last updated Aug. 7, 2015. http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/The-Affordable-Care-Act-Whats-Trending
3 Centers for Medicare & Medicaid Services. “Public Review of Proposed Health Insurance Rate Increases for 2016 Coverage Year [Press Release].” June 1, 2015. http://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2015-Press-releases-items/2015-06-01-2.html
4 Centers for Medicare & Medicaid Services. “Public Review of Proposed Health Insurance Rate Increases for 2016 Coverage Year [Press Release].” June 1, 2015. http://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2015-Press-releases-items/2015-06-01-2.html
About The IHC Group
The IHC Group is an organization of insurance carriers and marketing and administrative affiliates that has been providing life, health, disability, medical stop-loss and specialty insurance solutions to groups and individuals for over30 years. Members of The IHC Group include Independence Holding Company (NYSE:IHC), American IndependenceCorp. (NASDAQ: AMIC), Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company. Each insurance carrier in The IHC Group has a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. (An A++ rating from A.M. Best is its highest rating.) Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups. For more information about The IHC Group, visit www.ihcgroup.com.
About IHC Specialty Benefits, Inc.
IHC Specialty Benefits, doing business as Health eDeals Insurance Solutions is a full-service marketing and distribution company that focuses on small employer, individual and consumer products. Health eDeals markets products through general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit www.HealtheDeals.com.