All throughout 2017 we watched anxiously as President Trump and for now.
But that doesn’t mean we won’t see changes. Certain events were already scheduled for 2018, and now they will proceed as planned.
The Health Insurance Tax (HIT) takes effect. The Affordable Care Act originally included a form of sales tax on health insurance premiums. However, Congress agreed to suspend this tax in 2015, due to concerns over how it might affect rate hikes. That suspension is expiring, so the HIT will take effect next year, in the amount of 4-6 percent on top of insurance plans sold.
It is possible these costs will be passed along to consumers, so we’re watching this issue carefully.
Rates for family plans will change. Currently a family health insurance plan covers you, your spouse if you have one, and all dependent children up to age 26. Premiums have always been the same whether your children were in preschool or college.
Now, in 2018, premiums will be based upon the assumption that all minor children are between the ages of 0 and 40 percent of your current premiums.
New Medicare cards. Due to concerns over identity theft and is issuing new cards to all Medicare recipients. Instead of your Social Security number, your account will be identified by a Medicare Beneficiary Number.
These cards will be mailed automatically. Be aware that you don’t have to do anything in order to receive your new card. If anyone calls, asking for your Social Security number and offering to help “process” your replacement card, hang up the phone immediately. This is a con artist attempting to exploit the situation.
These are just some of the changes we’ll be seeing in the health insurance industry for 2018. We’ll continue to keep you informed, but remember you can always call us if you have a question.