Insurers Weigh Whether to Rescind Cancellations as Obama Eases Restrictions

The options that New Jersey residents who buy their own insurance will have next year may have expanded yesterday, when President Barack Obama announced that current individual health plans wouldn’t have to meet new federal regulations in 2014.

Whether these people will be better served keeping their current plans or switching to plans offered through the new federal health insurance marketplace, also known as the exchange, can vary depending on the circumstances of each individual or family.

It’s not yet clear whether insurers in New Jersey, in light of Obama’s announcement, will reconsider their decisions to discontinue a number of their current individual plans next year or whether state regulators would permit them to rescind those decisions. In addition, it’s not clear how continuing to offer these plans would affect their premiums, as well as the premiums of the new marketplace plans.

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