LUBBOCK, TX -- Many Texas insurance companies gave small group carriers the option to renew on December 1st, 2013 instead of January 1, 2014 ---meaning they can keep their plans through 2014.
"Being in this business for so long, we have never had to deal with anything even remotely as difficult as this," said healthcare insurance agent Tim Denton.
Denton has been an insurance agent for 30 years. He says even for veteran insurance agents, nativigating new regulations under the Affordable Care Act has been challenging. That's why many insurance companies across Texas offered an early renewal option.
"Most of the health insurance carriers realized that if they were to offer their small group clients the ability to change their renewal date to December 1, 2013 then that would basically take them through all of 2014, therefore insulating their plan some of the benefits that must be included," said Denton.
And most small businesses jumped at that opportunity, avoiding the potential cancellation of millions of plans.
"Probably 90% of our small groups have decided to go with the December 1st 2013 renewal date," said Denton. "Another way to look at is is employers that elect to change their effective date to December 1, 2013, have a year to watch what happens with the Affordable Care Act then they can make more informed decisions on the January 2015."
If you have questions about new regulations under the Affordable Care Act or need help applying for subsidies, call Denton at the Jim White Insurance Agency at 806-792-4416.