GREENSBORO, N.C. — Open enrollment for the Health Insurance Marketplace is Nov. 1. This year, there are 8 companies doing business in North Carolina through the Marketplace.
Each company has to submit their proposals to the Department of Insurance. So far, five of the companies submitted proposals with premium increases, three companies submitted decreases for monthly premiums and one of those companies has been approved. It just so happens it's also the company with the largest customer base.
"Blue Cross is officially hitting the market and giving a 4% decrease in premium. Right now it's projected that Blue Cross has 358,462 members in Marketplace plans, which is making them the largest carrier in NC," said Morgan Campbell of Alliance Insurance Services.
Blue Cross Blue Shield of NC will be offering health insurance plans through the marketplace with a 4% premium reduction. Price is important but Campbell says the real key is to double-check that whatever plan you choose for next year, your primary care doctor or the physician you see the most is still in network.
CAN YOU DITCH YOUR EMPLOYER'S HEALTH INSURANCE AND GO TO THE MARKETPLACE?
Now, what if you get health benefits at work but you'd rather get marketplace insurance and maybe cash in on this Blue Cross deal?
"That's when you get into a tricky situation because we have a formula to work out to ensure your insurance through your employer is deemed not affordable," said Campbell.
In the next month, we should get confirmation about the other companies that could be offering a decrease in premium rates.