This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Is Your Health Plan 'grandfathered'? You May Be Getting Gypped

Even after the Affordable Care Act was passed, many unknowns remained, says Chris Renz, a partner and Northern California leader of global consulting firm Mercer's health and benefits business.

"Regulations had not been issued for many of the health care provisions," he says.

The list of women's preventive services that health plans must fully cover wasn't hammered out until August of 2011, for instance. "Employers who lost grandfathered status early on have no choice but to implement that standard," Renz says.

Still, he says, "Our surveys have been fairly consistent -- the number of grandfathered plans will continue to dwindle each year."

So are you at a disadvantage if you're in a grandfathered plan?

"I don't think it's clear-cut from an employee's perspective," Stone says.

A grandfathered plan might provide you with more affordable health insurance overall. Remember, your employer can't significantly increase your costs, including the portion of premium you pay to keep a plan grandfathered. So even if it doesn't fully cover preventive care, a grandfathered plan might cost you less than a non-grandfathered plan when you add and compare the premiums, deductibles, and other out-of-pocket costs.

An overview of grandfathered health plans can be found at HealthCare.gov.

Insure.com receives compensation from carriers when readers choose to request insurance quotes. This article is provided by an external partner that is solely responsible for the content.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs