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Health Insurance

from The Insurance Exchange

Health Insurance

A healthy body is a happy body, and there’s no better way to preserve your health and your family’s health than with a health insurance policy from Insurance Exchange.

Let’s face it, medical treatments aren’t cheap. Without health insurance coverage you could end up paying off medical bills for the rest of your life. The Insurance Exchange can help you find an affordable healthcare plan that’s right for you. Contact one of our friendly agents today to learn more.

Affordable Care Act

What is the Affordable Care Act?

In short, it is the new health care reform law affectionately referred to as “Obamacare.” It mandates that most Americans must have health insurance.

What does the Affordable Care Act mean to you?

If you are already covered through your employer then you don’t need to do anything today. However you should keep your options open for the next open enrollment period (Oct. 15, 2014-Dec. 7, 2014) as the individual marketplace plans could be a less expensive and a better alternative. If your health insurance premiums through your employer are greater than 9% of your income, you are still eligible to receive a premium tax credit from the federal government.

Why Health Insurance is a Good Idea?

  • Financial Protection - The cost of health care has risen and major medical expenses are very high.
  • Guaranteed Issuance - No exclusions or (rate-ups) for pre-existing health conditions.
  • Free Preventative Care - Your entire family benefits from the added value free services including: annual exams, wellness checkups, OBGYN visits, mammograms, screenings, immunizations and more.
  • Unlimited Primary Care Visits (Some Plans)
  • Emergency Room Coverage
  • Maternity Coverage

Is Health Insurance Affordable?

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.

For example, a single person, age 30, earning $22,500 would qualify for a premium tax credit of $882 annually for a Silver plan. A married couple, ages 40 and 36, with two dependent children, with combined earnings of $55,000 would qualify for premium tax credit of $3,398. A single person would have to earn more than approximately $45,000 and a family of 4 would have to earn more than $95,000 to not qualify for the premium tax credit.

How long do you have to enroll? What if you don’t get covered?

There are several critical dates for enrollment in 2014. To avoid being penalized for 2014 you must enroll by 3/31/14. To avoid being penalized for 2015 you must enroll by 12/7/14. The penalty for 2014 is the greater of $95 per individual in your household or 1% of your gross household income. The penalty for 2015 is the greater of $395 per individual in your household or 1% of your gross household income.

Common Health Insurance Terms

When discussing health insurance with an agent, it helps to understand some of the common terms you’ll hear. Below you’ll find definitions to some of the most common health insurance terms.

  • Deductible - The amount of money you pay toward medical bills before your insurance coverage begins.
  • Co-pay - A specified amount of money you pay upfront for doctor visits and prescription refills.
  • Coinsurance - The percentage of medical bills you pay after meeting the deductible.
  • 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. Typical 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’ll guide you toward a more secure future.