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Health Insurance

from The Insurance Exchange

Health Insurance

The Insurance Exchange has a dynamic health insurance department.  We offer insurance consultations and solutions on variety of products including but not limited to:

Individual Health Insurance

  • Medicare Advantage (Medicare Part C)
  • Medicare Supplement or (Medigap)
  • Medicare Part D (Prescription Drug Plan)
  • Affordable Care Act commonly referred to as Obamacare
  • Dental
  • Vision
  • Hearing
  • Short Term Medical
  • Short Term Disability
  • Long Term Disability
  • Long Term Care
  • Supplemental 
  • International Medical or Travel Medical
  • Student Health Insurance or Exchange Student Health Insurance

Group Health Insurance

  • Group Health 
  • Group Dental
  • Group Vision
  • Group Hearing
  • Group Short Term Disability
  • Group Long Term Disability
  • Group Long Term Care
  • Group Supplemental 

Carriers on our Health Insurance Exchange

As Health Insurance Brokers we have several carriers available.  Most major carriers offer a variety of products across all the different options such as Medicare, Obamacare and Dental.  The Insurance Exchange is proud to offer the following carriers:

  • Aetna
  • Aflac
  • Blue Cross Blue Shield of Illinois
  • Colonial Life
  • CVS SilverScript
  • Humana
  • International Medical Group
  • Mutual of Omaha
  • United Healthcare
  • More

Medicare and Annual Enrollment

Medicare is broken up into different parts.  Medicare Part A, Medicare Part B, Medicare Part C, Medicare Part D and Medicare Supplement (Medigap).  Our health insurance brokers will conceptually explain each coverage and help narrow the carrier that matches your needs.  Medicare Annual Enrollment takes place every year from October 15th through December 7th.  Special Enrollment occurs throughout the year as clients attain age 65, retire post age 65, lose group health insurance or move into a new area.

Affordable Care Act (Obamacare) and Annual Enrollment

Annual Enrollment for Obamacare occurs every year between Nov 1st and December 15th.  A client can visit and review all their options at one time. However, working with a health insurance broker can help you navigate through all the health plan choices available and assist you with the complexities of the application process.

Some Key Features of the Affordable Care Act are:

  • Financial Protection - The cost of becoming ill or being hospitalized can be ruin your finances as major medical costs are expensive.  Each plan has a maximum out of pocket limit.
  • Guaranteed Issuance - No exclusions, denials or (rate-ups) for pre-existing health conditions.
  • Free Preventative Care - Your entire family benefits from the added value free services such as annual exams, wellness checkups, OBGYN visits, mammograms, colonoscopy, screenings, immunizations and more.
  • Unlimited Primary Care Visits (Some Plans)
  • Emergency Room and Urgent Care Coverage
  • Maternity Coverage

What will it cost you?

Depending on your household’s Modified Adjusted Gross Income and family composition you may qualify for assistance from the Federal Government to help pay your monthly insurance premiums and reduce your out of pocket expenses.  Our health insurance brokers can give you an estimate and let you know if you qualify and for how much.  This is helpful to make the coverage more affordable.

For example, a married couple, age 55 for both, earning $60,000 would qualify for a premium tax credit of $743 per month.  This credit will be used to reduce the monthly premium from $1698 to $955 per month, per 2020 plan year rates.

Group Health and Enrollment Timing

Group health insurance is typically purchased during the 4th quarter of every year however it can be purchased at any time as no annual enrollment cycle exists.  Our health insurance brokers will help find the right plan for you based on budget, network and the group composition.  For example, most insurance carriers require employers to have w2 paid employees, but as brokers we have carriers that will approve a group based on 1099 paid employees. 

Some Key Decisions to consider with Group Health Insurance are:

  • Financial Protection - The cost of becoming ill or being hospitalized can be ruin your finances as major medical costs are expensive.  Each plan has a maximum out of pocket limit.
  • Network Choice – There are more networks available in group health insurance than with individual health insurance.  
  • Pre-Tax vs Post-Tax – Premium payments will be paid through payroll deductions.
  • Business Expense vs Personal Expense – For small business owners, this will shift your health insurance cost to your business as an expense instead of an expense from your personal finances.
  • Employer Contribution and Employee Participation – In order to make a valid group and employer typically must contribute 30% towards the employee’s premium cost.  Typically, 70% of the eligible staff must enroll or prove they have coverage elsewhere.  However, in the 4th quarter only some carriers waive these provisions. 

Our Process (How we work)

With so much choice available for consumers we have developed a process to understand the need of each client and facilitate each decision.  We will match your needs to the right insurance product.  Part of our process will be asking a handful of fact finding questions designed to discover the spoken need and uncover the unspoken need.  Such as:

  • Preferred Hospital System
  • Preferred Providers
  • Prescription Medication Needs
  • Budget
  • Upcoming or Routine Medical care

We will follow all HIPPA and PHI guidelines.  For in person group meetings and seminars we follow all CDC guidelines for your safety and the safety of the community.  We have a large 30 seat conference room, have limited meeting capacity to 8 attendees and will check temperatures up entering our building.

How to reach us and to learn more

We have regular educational events and seminars scheduled during annual enrollment and throughout the year. Please look at our upcoming calendar by clicking the link below to RSVP for an upcoming event and to register.

RSVP Now »

You may alternatively reach out to William Carothers who is the Health Insurance Principal and trainer for the department.  Mr. Carothers is featured every Saturday on a weekly radio on WVON 1690am.  Contact information is as follows:

William Carothers
Health Insurance Principal
wcarothers [at] insxchg [dot] com
708-597-8731 ext: 107
708-527-0962 business cell

Common Health Insurance Terms

When discussing health insurance with a broker, it helps to understand some of the common health insurance terms.  Below are some definitions to some of the most common health insurance terms and concepts.

  • Deductible - The amount of money you pay toward medical bills before your insurance carriers begins their cost share.  Some options are available to your prior to reaching the deductible
  • Co-pay - Flat specified dollar amounts you pay upfront for doctor visits, prescription refills and certain services.
  • Coinsurance - The percentage of medical bills you and the carrier will split usually after the deductible has been met.
  • Managed Care - Members of managed care health plans generally enjoy more benefits like lower out-of-pocket costs. However, you can only receive treatment from physicians that participate in the managed care network. Managed care plans include health maintenance organizations (HMOs), preferred provider organizations (PPO), and point-of service (POS) plans.  

To learn more about South Holland health insurance, call and talk with one of our agents today. We will guide you toward a more secure future.