Renewing Your Plan
You can renew your plan whether you have a grandfathered/grandmothered plan or purchased your plan from the Health Insurance Marketplace, also known as an Affordable Care Act (ACA) plan. In most cases, if you are on a Wellmark individual or family plan, it will automatically renew on Jan. 1, 2024. But before that happens, consider your options to see if your plan is still the best fit for your needs and budget.
If you have an ACA plan
If you purchased your plan on the Health Insurance Marketplace, or HealthCare.gov, you have an ACA plan. Here are your 2024 options:
Renew your plan (no action required)
Most Wellmark members who purchased an ACA plan in 2023 have the option to keep the plan they currently have or be offered a similar plan in 2024. Learn more about the SD ACA Rate Increase Justification.
Review your plan
We highly encourage all ACA members to talk with a local Wellmark agent or visit HealthCare.gov External Site annually to ensure their plan is still the right fit. Once on the site, you should update your eligibility status and review your coverage.
Should you change plans?
With a variety of plan options for 2024, you might be missing out. See options and compare plans in Iowa and South Dakota:
Consider your recent medical history and any potential upcoming medical needs. Did you visit the doctor more than expected last year? A careful review can help you determine if your current plan has the right amount of coverage for the coming year.
If you have a grandfathered or grandmothered plan
If you purchased your individual or family plan prior to Jan. 1, 2014, you have a grandfathered or grandmothered plan. Keep in mind, if you cancel your grandfathered or grandmothered plan, that same plan will not be available to enroll in again. Here are your 2024 options:
Renew your plan
Wellmark grandfathered and grandmothered members can remain on their plan for 2024, and your plan will typically automatically renew for the following year. Although premiums are rising, these benefit-rich plans generally cost less than ACA-compliant plans unless you qualify for a significant subsidy.
Choose an ACA-compliant plan
People looking for comprehensive coverage and/or financial assistance may choose one of Wellmark's ACA-compliant plans issued by Wellmark Health Plan of Iowa, Inc. or Wellmark Blue Cross and Blue Shield of South Dakota. If you're interested in a new plan, shop and compare Wellmark's plan options, contact a Wellmark agent or visit HealthCare.gov External Site.
Frequently asked questions
Here are some frequently asked questions about grandfathered and grandmothered plans:
If you have a grandfathered or grandmothered plan, you can keep your current plan through 2024. Wellmark members with one of our Affordable Care Act (ACA) plans will be allowed to keep their plan or will be offered a new plan for 2024. As a reminder, grandfathered and grandmothered plans may not include all of the essential health benefits of an ACA plan, but that also means you are not paying for extra benefits you may not use.
Grandfathered or grandmothered plans are individual plans that were purchased prior to Jan. 1, 2014. There are two ways you can confirm whether or not your plan is grandfathered or grandmothered:
- View your plan information on myWellmark®. If you have never logged in, it's easy to register for a myWellmark account with some basic information and a few minutes.
- Once logged in, click on Coverage in the main menu.
- Select "Plan Details" and click the "General" box to expand.
- The information listed here will indicate whether your plan is grandfathered or grandmothered.
- Call Customer Service using the phone number on the back of your insurance card.
Grandfathered members: As long as Wellmark continues to offer plans like yours, you can keep it.
Grandmothered members: You are able to keep your current plan through Dec. 31, 2024. If your plan does not get extended past 2024, Wellmark will communicate with you no less than 90 days before your plan is set to end.
ACA members: If your health plan continues to be offered on Healthcare.gov, you will be able to keep your plan.