Home > Insurance Blog > Highlights from CoveredCA Health Benefit Exchange meeting 05/07/2013 led by Peter Lee
Highlights from CoveredCA Health Benefit Exchange meeting 05/07/2013 led by Peter Lee
Posted by Quotebroker Insurance Services Inc. on
CoveredCA held its most latest meeting today, May 7th 2013 and released some big updates regarding California healthcare reform. Among the highlights were:
Insurers participating in CoveredCA will be announced May 23, 2013.
The latest draft of the Model Contract was released, the “living document” upon which all insurer contracts will be based.
Participating insurers will be required to terminate all ACA non-compliant plans on December 31, 2013
CoveredCA will not allow any non-standard plan designs on the California Individual Health Benefit Exchange, but perhaps will on the SHOP exchange for small groups
This is big news for those seeking insurance via the California Health Benefit Exchange. If all ACA non-compliant plans must be cancelled on December 31, 2013 it means that many individuals will be displaced and need to seek new benefits, either via CoveredCA or outside the health benefit exchange. Individual policyholders should be prepared in advance of December 31st by making their arrangements on or before October 1, 2013 – the date the CoveredCA California Health Benefit Exchange is slated to begin accepting applications. Individuals are encouraged to arrange for a preenrollment. Because rates and benefits should be finalized in advance of the October 1, 2013 Health Benefit Exchange opening date, individuals seeking coverage will be able to browse plans and narrow down their health plan choice in advance of enrollment. By volunteering their health benefit exchange subsidy qualification information, individuals can be prepared to complete the actual enrollment process when exchanges open for business. Quotebroker.com will have a dedicated portal do just that beginning in late summer- stay tuned!