Download the AssuredPartners NL Dec. 20, 2013 Compliance Observer here: Dec. 20, 2013 Compliance Observer Alert.
An announcement by the Obama Administration late Thursday, December 19th, allows for individuals whose coverage was canceled this year the option to enroll in a catastrophic plan and provides for a temporary exemption from the individual mandate if they go without coverage in 2014.
This change comes at the request of a group of six senators, led by Senator Mark Warner of Virginia. Kathleen Sebelius, Secretary of Health and Human Services, responded to their request in a letter agreeing to provide individuals whose coverage was canceled with a temporary hardship exemption from the individual mandate requirement while also allowing these individuals to purchase a catastrophic plan, previously available only to individuals under the age of 30. According to Ms. Sebelius the premiums for these catastrophic plans are on average about 20 percent lower than premiums for other plans available through the Marketplace.
Formal guidance on the options for individuals with canceled policies was also released by the Department of Health and Human Services on Thursday.
Your AssuredPartners NL Benefit Team will continue to monitor these regulations and provide you with updated information and guidance, as it becomes available.