Obamacare Delay: Should You Keep Your Health Plan for Another Two Years?

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healthcareIn a rollout that has been fraught with delay, Obamacare has announced another pushback in the timeline. Now, consumers who have plans that aren’t compliant with the Affordable Care Act (ACA) have until October 1, 2016 to decide to renew their plans.

Originally, plans that didn’t meet ACA requirements were going to be canceled, but the backlash has resulted in a delay of that outcome. Even though you might be able to keep your non-compliant plan for another couple of years, Yahoo! Finance reports that you might not want to.

Is Your Old Plan Really That Great?

One of the reasons that some plans are being canceled is because they don’t meet ACA requirements that include maternity care, mental health, and prescription drugs — among other things. The benefits required under the ACA are more comprehensive, and the delay is designed to give consumers time to shop around and find better coverage with compliant plans.

According to the Yahoo! Finance article, consumers should understand the limits of their current coverage, and should realize that they might not have some items covered, such as hospital stays. If you have a plan that is remaining, even though it doesn’t meet ACA requirements, you could find yourself in financial trouble if you are blindsided by the fact that some of these plans aren’t even true health insurance plans.

The Yahoo! Finance article also suggests that you look on the exchanges. Obamacare offers the option for low-income consumers to buy health plans with subsidies, so they might end up with better care for the same — or an even lower — price. In some cases, consumers will see higher rates on the exchanges, but the increase in benefits often accounts for these prices.