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As title states, I received letters from both IL State & Land of Lincoln Health (non-for-profit Co-Op) that the business is closing 9/30/16.

I've done research and it looks like LOL is still obligated to provide coverage(as long as I keep paying) until 9/30  as well as my current health providers.  I'll be able to switch to a new insurance starting tomorrow.

Is there anything I should be checking/researching?

Thanks
 

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I'm in the same boat.

Healthy CT in Connecticut is closing also.
It is one of the best companies I have had in a while.
Bec... (more)

chester215 (Aug. 03, 2016 @ 7:27a) |

If you want predictions on where all this goes, here's a good article:

http://www.bloomberg.com/view/articles/2016-08-03/... (more)

xerty (Aug. 04, 2016 @ 12:35a) |

Update: I travel for work (not constantly) so I wasn't able to schedule an Endoscopy & Colonoscopy before 9/30. I was go... (more)

picghaw (Sep. 29, 2016 @ 11:35a) |

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rated:
I would suggest researching which health plans will be available during your new special election period....

Remember: "If you like your insurance plan, you can keep your insurance plan"

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mwa423 said:   I would suggest researching which health plans will be available during your new special election period....

Remember: "If you like your insurance plan, you can keep your insurance plan"

  Hi, could you expand on this? Do you mean I can get something comparable? Yes, I can but it will be much more expensive which is why I left BCBS. I'm probably heading back to BCBS and so far for the same premium, the deductible ranges from $1250 to $2500 more. I haven't done detailed benefit comparisons yet.

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If I recall, you'll be able to choose a plan, but it won't start until October, when LoL shuts down.

If you're close to deductible/out of pocket, make sure you have all major surgeries/health checkups before October.
The Oct-Dec period will have a reset deductible, and reset again 1/1/17.
Pick the cheapest premium/highest deductible (ala catastrophic coverage) and wait until January.
 Do you mean I can get something comparable? 
He's trolling you by bringing up part of an bullet-point Obama used to sell the ACA to the American People.
What he doesn't realize is the more he mentions it, the more likely people will demand to experiment with a system that costs less then 17.5% of GDP, which could be Single Payer.

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Land of Lakes was one of the few Obamacare insurers that offered a PPO option.  In many states, you can't buy a PPO for love or money.  YMMV on the remaining IL state options, but like most Obamacare plans at this point, you should expect higher costs and worse selection.  If you're not very sick, strongly consider paying the penalty instead and buying a catastrophic policy instead. 

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ThomasPaine said:   If you're close to deductible/out of pocket, make sure you have all major surgeries/health checkups before October.
The Oct-Dec period will have a reset deductible, and reset again 1/1/17.
 

  If you like your deductible, you can pay it twice!

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xerty said:   
ThomasPaine said:   If you're close to deductible/out of pocket, make sure you have all major surgeries/health checkups before October.
The Oct-Dec period will have a reset deductible, and reset again 1/1/17.

  If you like your deductible, you can pay it twice!


  He's likely from Chicago...  Wouldn't the typical snarky Libertarian advice be to buy a fifth of whisky, a tourniquet, some tweezers and a stick to bite on, as it was good enough for grand-pappy?

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xerty said:   Land of Lakes was one of the few Obamacare insurers that offered a PPO option.  In many states, you can't buy a PPO for love or money.  YMMV on the remaining IL state options, but like most Obamacare plans at this point, you should expect higher costs and worse selection.  If you're not very sick, strongly consider paying the penalty instead and buying a catastrophic policy instead. 
  Yep, mostly HMOs left which I've always avoided. Unfortunately, I have a few health reasons to carry insurance or else I was considering this. From a financial point of view, is that really a better option? At 2.5%  on income, for 5 months (Aug-Dec) + catastrophic policy.  I have more calculations to do....

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ThomasPaine said:   If I recall, you'll be able to choose a plan, but it won't start until October, when LoL shuts down.

If you're close to deductible/out of pocket, make sure you have all major surgeries/health checkups before October.
The Oct-Dec period will have a reset deductible, and reset again 1/1/17.
Pick the cheapest premium/highest deductible (ala catastrophic coverage) and wait until January.

  Fortunately, no deductible/out of pocket yet...but its $500 currently compared to the $2K+ I'm forced to switch to. I'll look into scheduling any routine checkups (endoscopy...way overdue on this) before October.

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ThomasPaine said:     He's likely from Chicago...  Wouldn't the typical snarky Libertarian advice be to buy a fifth of whisky, a tourniquet, some tweezers and a stick to bite on, as it was good enough for grand-pappy?
  In Chicago, we pay for our healthcare like we pay for our votes - early and often.

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picghaw said:   
xerty said:   Land of Lakes was one of the few Obamacare insurers that offered a PPO option.  In many states, you can't buy a PPO for love or money.  YMMV on the remaining IL state options, but like most Obamacare plans at this point, you should expect higher costs and worse selection.  If you're not very sick, strongly consider paying the penalty instead and buying a catastrophic policy instead. 
  Yep, mostly HMOs left which I've always avoided. Unfortunately, I have a few health reasons to carry insurance or else I was considering this. From a financial point of view, is that really a better option? At 2.5%  on income, for 5 months (Aug-Dec) + catastrophic policy.  I have more calculations to do....

I am not recommending that you go w/o health insurance but I thought it would be worth knowing how to avoid the tax or penalty. A single gap in coverage of less than 3 months will not incur a penalty.  Also, I believe that there is a special enrollment window that would allow you to select another plan for up to 60 days (?) after your old plan is cancelled. In theory, you could continue your existing coverage until 9/30, and then use some combination of one month in a qualifying plan and a short-term plan for up to two months. Although I am not advocating having minimal or non-existent coverage, I thought you should be aware of the options.

   

rated:
yeah, it's an option to avoid the penalty by having at least 9 months and a day worth of qualifying coverage.  Open enrollment for 2017 starts in November, so you could potentially skip Oct/Nov and buy your new policy starting in mid Dec instead of Jan.  of course you wouldn't be covered for 2.5 months, but given the high deductibles for most Obamacare plans and the deductible reset, having nothing might be a good bet if you're healthy enough not to have used your deductible at all this year.  Just be sure to get any routine stuff done first, and if something bad happens, sign up sooner either under your special enrollment window or earlier for the 2017 one.

https://www.healthinsurance.org/faqs/what-are-the-acas-enrollmen...

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Thanks ryeny3 and xerty for highlighting those options.

It seems like the general consensus is to keep LOL until 9/30 and get routine stuff done and go from there. The special enrollment is from 8/2-9/30, so I have a little time to mull over options. I've always had insurance (BCBS) all my working years and just switched to LOL in 2015, so this is fairly new to me.

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Co-ops are going belly-up all across the country right now

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I'm in the same boat as the OP. I don't have anything more to add, just emphasis to use the available time to find the best replacement option for the remainder of the year.

I had BCBS for several years until the plans became too expensive and they removed most of my preferred providers from coverage. LOL was a (relatively) affordable replacement.

Getting insurance through the exchange is a hassle and I hope the whole system gets a needed revamp. That's as political as I'll get on that for now.

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SummerSoFar said:   Co-ops are going belly-up all across the country right now
  
What happens when you offer insurance for all with no conditions or up charge 

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picghaw said:   Thanks ryeny3 and xerty for highlighting those options.

It seems like the general consensus is to keep LOL until 9/30 and get routine stuff done and go from there. The special enrollment is from 8/2-9/30, so I have a little time to mull over options. I've always had insurance (BCBS) all my working years and just switched to LOL in 2015, so this is fairly new to me.

  Just remember - if too many people follow that plan, LOL may not make it to the end of September.  NY had a Co-op that announced it would shut down at the end of the year, but claims rates deteriorated to the point where they ended up shutting down a couple months earlier.

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Is there anything I should be checking/researching?

You should be researching how much your premiums and deductibles are going to explode due to all of the insurers leaving the market thanks to Obamacare.

rated:
brettdoyle said:   You should be researching how much your premiums and deductibles are going to explode due to all of the insurers leaving the market thanks to Obamacare.
  Well 2017 is going to be extra bad on the premium hikes since the risk corridor bailouts, even underfunded as they were, will be completely gone.  It's completely obvious when co-ops are going bust left and right that their prices weren't high enough to be economic, and they had $2B of the taxpayers money to waste while they tried.  The big insurers are hemorrhaging from $100M's of losses in the individual market since people are way sicker than they guessed and since the healthier, younger people didn't sign up in droves for the bad deal of subsidizing a bunch of sick people.   For profit companies don't keep that up for long, and they are following through with threats to both exit these markets in many states and to raise premiums significantly.  You're looking at 1-3 options for coverage in a lot of places for 2017, and it's only getting worse.

A "penalty" sounds bad, but it's not as bad as overpaying $10k/year for something that you never use anyway and which has poor networks and high deductibles waiting for when you do.   Plus, you've got the free option to come up with an excuse and join the exchange plan mid-year if you get sick.  Any healthy person should be looking into non-ACA 6-12 month "temporary" coverage, rolled each time contingent on your lack of preexisting conditions, and just join the toxic pool on the exchange if you get really sick.  even with the penalty, those types of coverage will be much much cheaper if you qualify and they're often good networks too, PPO style, etc, since costs don't matter when you're covering healthy people.

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Just heard on the radio today that IL insurers are lobbying to raise rates on individual plans for 2017 by 25-43%! 

rated:
ThomasPaine said:   If I recall, you'll be able to choose a plan, but it won't start until October, when LoL shuts down.

If you're close to deductible/out of pocket, make sure you have all major surgeries/health checkups before October.
The Oct-Dec period will have a reset deductible, and reset again 1/1/17.
Pick the cheapest premium/highest deductible (ala catastrophic coverage) and wait until January.
 Do you mean I can get something comparable? 
He's trolling you by bringing up part of an bullet-point Obama used to sell the ACA to the American People.
What he doesn't realize is the more he mentions it, the more likely people will demand to experiment with a system that costs less then 17.5% of GDP, which could be Single Payer.

  
His plan is shutting down.  That triggers a special election period, he can buy new coverage starting 10/1 without having to wait for the normal switch time.  Jump quickly, though.  I'm not sure exactly how wide the window is but I know it's not all that wide, we got trapped by it (fortunately to no harm) some years ago.  We didn't find out that my wife's health insurance was gone right away--and by the time we found out it was actually cancelled, not a paperwork snafu the window had closed to put her on my coverage.

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needhelpplease said:   
SummerSoFar said:   Co-ops are going belly-up all across the country right now
  
What happens when you offer insurance for all with no conditions or up charge 

  
The one that failed locally appears to have been due to severe mismanagement.

The government provided money to start them up and a bunch of pigs jumped on it thinking it was more government money to loot.  Oops, health insurance actually has meaningful performance standards.

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brettdoyle said:   Is there anything I should be checking/researching?

You should be researching how much your premiums and deductibles are going to explode due to all of the insurers leaving the market thanks to Obamacare.

  
I keep seeing such claims.

While there has been a fair amount of turnover there have been more options every year here.  I also don't see premiums going up more than they did before.

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LorenPechtel said:   While there has been a fair amount of turnover there have been more options every year here.  I also don't see premiums going up more than they did before.
  Perhaps, although as we're seeing from these co-op failures, the premiums aren't high enough to be economically sustainable.  Still, even if you thought the premium inflation rate was similar to previous healthcare inflation, the following factors make ACA a bad deal compared to the old system:

- limited networks, often no out-of-state or out-of-network coverage
- mostly HMOs, few PPO options
- higher deductibles means higher cost of care even if the premiums were similar

rated:
You can thank your favourite senator in Florida for this.

rated:
picghaw said:   Thanks ryeny3 and xerty for highlighting those options.

It seems like the general consensus is to keep LOL until 9/30 and get routine stuff done and go from there. The special enrollment is from 8/2-9/30, so I have a little time to mull over options. I've always had insurance (BCBS) all my working years and just switched to LOL in 2015, so this is fairly new to me.

  "You also have 60 days after your plan ends during which you can select a new ACA-compliant plan."

Qualifying Events

rated:
cr3s said:   You can thank your favourite senator in Florida for this
  
Green for you. Looking back, the vanishing risk corridor funds will be seen as one of the nails in coffin for the ACA.

'Murica. Under. GOP. Leadership. 

rated:
LorenPechtel said:   
brettdoyle said:   Is there anything I should be checking/researching?

You should be researching how much your premiums and deductibles are going to explode due to all of the insurers leaving the market thanks to Obamacare.

  
I keep seeing such claims.

While there has been a fair amount of turnover there have been more options every year here.  I also don't see premiums going up more than they did before.

More options for me just means more plans to choose from the same three insurers. One of the insurers offers 3-4 plan options at each level, but I couldnt figure out which would be th best option.

luckily, I have good employer coverage for now.  

rated:
I'm in the same boat.

Healthy CT in Connecticut is closing also.
It is one of the best companies I have had in a while.
Because the federal government wants their profits, forcing them into insolvency.
What a wonderful system.

rated:
If you want predictions on where all this goes, here's a good article:

http://www.bloomberg.com/view/articles/2016-08-03/eight-possible...

rated:
Update: I travel for work (not constantly) so I wasn't able to schedule an Endoscopy & Colonoscopy before 9/30. I was going to be on a wait-list as there were no openings until October.

This causes a dilemma because the only BCBS option with a similar deductible of $500 has a limited network(30% copay), the next lowest (same premium) is $1750(20% copay) but its a multi-state plan(since I travel )

I'm trying to estimate the better plan...I could put off the Endoscopy & Colonoscopy(routine every 6 years, last one in 2008, laid off in 2012) but due to recurring symptoms my plan was to do both this year(yes, procrastinated) and switch to a high deductible plan for 2017. The health cost estimator on the ACA suggests the high deductible would be cheaper but it was estimating more doctors visits/prescriptions than I need.

My options are
(1) Low deductible plan and get procedures done this year, then switch to high for 2017. Cons : limited network(current hospital not in), might have to continue travel for work
(2) Lowest cost plan for rest of year, plan for procedures next year using the Gold Multi-state plan, deductible $1750.

Is the multi-state plan preferred since I do travel?

yoregano, what did you end up with? 

Thanks.

 

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