Final Regulations Issued for Individual Market Stabilization
On April 13, 2017, the Department of Health and Human Services (HHS) issued final regulations to help stabilize the individual markets. They intend to help stabilize the Health Insurance Marketplace, provide more flexibility to states and insurers, and give individual health plan consumers more coverage options.
These final rules make the following policy changes:
- Shortened Open Enrollment Period
The 2018 open enrollment period for the individual market will run from November 1, 2017, through December 15, 2017, which more closely aligns with open enrollment for Medicare and the private market.
- Greater Control over Special Enrollment Periods
The rules expand verification of eligibility for special enrollment periods in Marketplaces, limit the ability of Marketplace enrollees to change plan metal levels during the coverage year, and adjust requirements for special enrollments due to marriage.
- Promote Continuous Coverage
Issuers will be allowed to collect premiums for unpaid coverage within the past year before re-enrolling individuals for the next year to promote continuous coverage.
- More Consumer Choice
To help provide enrollees with more coverage options, beginning with 2018 plans, issuers will have greater actuarial value flexibility to offer more lower-cost choices and to continue offering existing plan options.
If you have any questions regarding these updates please let us know!