With 2014 rapidly approaching, consumers are facing a unique situation regarding their health plans that should be addressed before the end of 2013.
Since all health plans will terminate sometime before the end of 2014, everyone who changes plans in mid-year will restart their plan deductible in addition to facing higher premiums.
This ‘deductible’ penalty has never been faced before (almost all plan changes until now were for lower premiums and there was no need to change plans voluntarily if a deductible had been reached) and can easily be avoided by having your plan change in place for a January 1st effective date.
Whether you plan to switch to a 2013 plan that will continue through the end of 2014 or a new 2014 plan don’t make the mistake of waiting until your plan termination to do so. I don’t want any of my clients to satisfy their plan deductible in the first few months of 2014 and then have to start all over again, it could mean an extra $5,000-$10,000 of costs during the year.