Oregon's insurance commissioner has put out guidelines for insurance companies to extend individual and small employer plans that do not meet the requirements of the Affordable Care Act. The guidance issued today lays out timelines and customer notification requirements.
Insurance Commissioner Laura Cali provided the clarified rules today for plans that were in effect as of Oct. 1, but were set to be discontinued because they do not meet minimum coverage and financial protections required by the new federal law.
She stressed that the affected plans have fewer comprehensive benefits and are not eligible for tax credits for premiums and out-of-pocket costs through Cover Oregon.
Companies must notify the Insurance Division by Friday, Nov. 22, of their plans to extend noncompliant plans. Carriers can extend the noncompliant plans for three months to March 31, 2014, or for one year to Dec. 31, 2014. The Insurance Division will post a list of companies offering extended plans on its website by 5 p.m. Friday.
Companies that choose to extend plans must notify their members by Nov. 29. After receiving notification from the companies, customers must notify their insurance company if they want to stay in their current plans.