We’re getting closer and closer to full implementation of Obamacare. Remember this doozy?
If you like your health care plan, you can keep your health care plan.
That was Barack Obama touting his new health care legislation.
Most individual health insurance isn’t good enough for Obamacare
Just over half of the individual plans currently on the market do not meet the standards to be sold next year, when many key provisions of President Obama’s Affordable Care Act kick in, according to a University of Chicago study. That’s because the law sets new minimums for the basic coverage every individual health care plan must provide.
So what happens to the plans that don’t meet the new minimum standards? They will likely disappear. A handful of existing plans will be grandfathered in, but the qualifying criteria for that is hard to meet: Members have to have been enrolled in the plan before the ACA passed in 2010, and the plan has to have maintained fairly steady co-pay, deductible and coverage rates until now.
Look for more awesomeness to come.