Insurance cancellation: not the end of the world
If you have a small business without a big, fancy corporate health-insurance plan, you may be a tad concerned over all this talk of policy holders getting dumped because of Obamacare. Well, the smoke is beginning to clear, and the situation doesn't look as dire as it might have seemed. Many people with individual insurance plans have indeed received cancellation notices, but it's often because their bare-bones plans are just too lousy to meet the minimum requirements under Obamacare. Experts say most of those getting coverage will be able to get new policies, often better ones at less cost. People getting cancellation notices should check to see if they are in fact grandfathered, which applies to many policies in effect before March 23, 2010. Also, keep checking on your state's insurance exchange or, if your state doesn't have one, HealthCare.gov, the troubled federal site expected to gradually get on its feet.
"Don't panic. You have some time, lots of choice, and people to help you find what you need. You have a lot of new options—a lot more than last year if the same thing had happened to you."—Commonwealth fund analyst Sara Collins
—By Jeff Brown, special to CNBC.com