What will happen to the insurance plan that I have now?

You can keep your current plan

Some will benefit from keeping their current plan for as long as possible, and some will not. Exchange experts can help you determine what is best for you specifically.

Many insurance companies are offering "early renewal options" for the plan you have now. This allows you to renew your plan at the end of the year and lock in your 2013 pricing until December, 2014.

Keeping your current plan

Generally speaking, people and small businesses who are paying lower premiums today because of good health, young age, gender (males usually pay less than females today), or industry (some professions are charged extra today because SIC code) will likely pay higher premiums under ACA. The exception if if you qualify for subsidy based on your income that significantly reduces your premium on a new plan in 2014.

If that's the case, you'll want to keep your current plan for as long as possible.

Not keeping your current plan

For some, this new system will offer significantly lower rates and they will not want to keep their current plan after December 31, 2014.

Generally speaking, those are people and small businesses who are paying high premiums today due to pre-existing conditions, claims, age, gender or industry.

If so, you  might see better benefits for lower premiums in 2014 and beyond and will want to make the switch as soon as it available in January, 2014.

That isn't the case every time, of course, so you should have our exchange experts review your current plan and pricing, compared it to the new plans and pricing, and show you which option offers you the best value. 

Some of the changes starting in 2014

Starting in 2014, insurance companies can't turn you away or charge you more for pre-existing conditions, health history, claims, gender or industry for individual or small business plans. Other changes are made to how plans are priced to decrease the gap between what people pay for insurance.

Another factor is household income. If your household income is less than 400% FPL (which is about $96,000 a year for a family of four) and you do not have access to an affordable group health insurance plan at work, then you could qualify for lower premiums and lower out-of-pocket expenses on healthcare under the new law.

That's what it's best to get your complimentary review from exchange experts, so you can be sure that you are not overpaying for insurance in 2014.