On February 23, 2017 an announcement came out that extended by one year from 2017 to 2018 the availability to keep a grandfathered group health insurance plan that was in effect prior to Obamacare in effect for another year. These original plans were given a grace period that allowed an employer to keep these plans in place for a period of time after Obamacare began to allow for a transition by the employer over to Obamacare. These grandfathered plans which were being allowed only to December 31, 2017 will now be allowed be continue until December 31, 2018.
This may come as great relief to an employer with grandfathered group health insurance plans. I have talked with many people about these plans. The problem is that I can’t find a health plan that is Obamacare compliant that will match my current health insurance plan. There are different coverages and different deductibles. As such, this makes it impossible to compare the cost of an Obamacare policy to the cost of what I am currently paying for health insurance. It has been my experience that when I do find a policy that is “somewhat” comparable to my existing policy, the cost is anywhere from 10% to 20% more for an Obamacare compliant plan than what I am paying now.
Hopefully this one year extension will give us some squirm room for Congress to get their “repeal and replace” health insurance ready to go. Just last week they were saying that they were looking to have a “proposal” submitted in March. Let’s hope so.