CareFirst BlueCross BlueShield Supports Early Renewal Option Announced by Maryland Insurance Administration
CareFirst Members Who Act Quickly Can Secure Current Plan Through 2014
Baltimore, MD (November 20, 2013) - CareFirst BlueCross BlueShield (CareFirst) today announced that it will offer its Maryland individual subscribers the opportunity to renew their policies if they have received a notice that their current policy does not conform to the new standards of the Affordable Care Act (ACA) and will terminate on their renewal date. This offer is made possible by new guidance issued late yesterday by the Maryland Insurance Administration (MIA) that is intended to carry out the announcement that President Obama made last week regarding the opportunity for people to keep their current policy if they like it.
“We are extremely pleased to be able to extend this opportunity to our individual subscribers and their families and fully support this step that the MIA has now afforded us. This provides a meaningful opportunity for those subscribers who act quickly to secure their existing coverage through the end of 2014,” said CareFirst President and Chief Executive Officer Chet Burrell. “We will promptly inform subscribers of what they need to do to re-enroll in their existing plan if they wish to. Of course, all individual subscribers also have the option to purchase ACA-compliant plans and potentially benefit from tax credits and subsidies through Maryland’s health exchange.”
Over 50,000 CareFirst individual subscribers have previously been notified of the upcoming termination of their policies due to ACA requirements. Subscribers may now elect to maintain their current coverage through all of 2014 by re-enrolling in their existing plan at the 2013 premium rates that were last approved by the MIA if they act by December 16, 2013.
“Many CareFirst members value their current coverage, and this step will help smooth the transition to the new ACA products” Burrell said.
CareFirst individual members in Maryland can learn more or re-enroll by calling 855-300-7751.
In its 76th year of service, CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit health care company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.4 million individuals and groups in Maryland, the District of Columbia and Northern Virginia. In 2012, CareFirst contributed $57 million to community programs designed to increase the accessibility, affordability, safety and quality of health care throughout its market areas. To learn more about CareFirst BlueCross BlueShield, visit our website at www.carefirst.com or follow us on Twitter: http://twitter.com/CareFirst_News.