You’ve probably already heard by now: Aliera Healthcare and Trinity Healthcare have been issued a cease and desist to stop selling and renewing their plans in Colorado (and a couple other states, too). If you’re a member, your coverage will be terminated on January 31, 2020.
If you haven’t heard, this might have come out of the blue and left you blindsided and without coverage. So, the question is, what are your options? Fortunately, you can pick between either a health insurance plan or a health share plan. Read on to learn about the special enrollment period, as well as the pros and cons of both health insurance and healthcare sharing programs.
Special Enrollment Period for Members
The open enrollment period, the only time of the year you can switch or sign up for an insurance plan, has come and gone. However, members of Aliera and Trinity losing their coverage are allowed a special enrollment period where they can sign up outside of open enrollment. This special enrollment period starts on January 16, 2020, and goes through March 16, 2020.
You have two months to make your decision and sign up. After that, you’ll have to wait until the fall when open enrollment opens again, so be sure to sign up in time if you’re wanting a health insurance plan.
In Colorado, if you make between 100% and 400% of the federal poverty line (FPL), you’ll qualify for a subsidy to help pay your premiums. We can see if you qualify for any subsidies and get you enrolled.
Here are some reasons why you might want to go with a health insurance plan.
- Insurance is more comprehensive than a medical cost sharing plan. Preventive care, including birth control and physicals, are covered, as well as maternity care.
- You can’t be turned away or charged higher rates because of pre-existing conditions or because of your age. Health share plans can refuse to cover pre-existing conditions or have a waiting period of up to two years.
- Insurance is arguably less risky since it is regulated by the federal and state government. Healthshare programs are not regulated in the same way.
Health Share Program
If you want to go with a health share plan, you can sign up any time of the year, as health share programs don’t have designated open enrollment periods. Often, you can get a next-day effective date.
Here are some reasons why you might want to go with a healthshare plan.
- Health share plans tends to be more affordable, which is one of the selling factors for many of the one million current members. If you don’t qualify for a subsidy, health insurance can get real expensive real fast.
- Members tend to be healthier on average. Healthshare programs often encourage their members to not smoke and exercise regularly.
- Many health share programs have a religious component, so members often take comfort in being a community with like-minded individuals and not having to pay for something they disagree with (such as abortions or birth control).
Want to review your options?
Losing your coverage doesn’t have to be something to panic over. You have time to research and make an informed decision.
If you have any questions or want more information about your health insurance and health share options, reach out and get in touch with us! Your Personal Benefits Manager would love to help you switch plans or help you find a plan that best suits your needs.
Leslie Jablonski is a Personal Benefits Manager at ColoHealth. Her aim is to help you make smart and informed healthcare coverage decisions that will fit your needs and budget. Read more about Leslie on her Bio page.