Health Insurance Rate Hikes…HELP!

Health Insurance Rate Hikes…HELP!

HELP!

My Health Insurance rates keep increasing…

HELP!

Here are 3 cost saving strategies as well as pros and cons to each plan type to consider in 2018: 

Marketplace/ACA Health Plans (Individuals and Families):

  • Eligible for a subsidy? If so, you could definitely reduce your costs
  • Shop different plan options within the Marketplace
  • Pre-existing conditions and maternity covered
  • Drug Card and coverage
  • ACA qualified (no penalty with the purchase of this plan)
  • With the purchase of a qualified high deductible health plan, you CAN contribute to your Health Savings Account
  • You can only purchase during Open Enrollment (11.1.17-12.15.17 for 1.1.18 plans)
  • If you want to change or purchase a new plan in 2018 after Open Enrollment, you must be considered a special enrollment, which means you’ve gotten married, had a baby, gotten a divorce, lost group coverage, or moved to a new geography within 60 days of the life event

Short Term Health Plans (Individuals and Families):

  • DRASTICALLY CHEAPER!!!!!!!!!!
  • No subsidies available for these plans
  • Pre-existing conditions and maternity ARE NOT COVERED
  • Drug Card and coverage ARE NOT COVERED
  • NOT ACA qualified (to avoid the penalty, we recommend that you purchase the MEC policy as well)
  • Technically, you CAN NOT contribute to your Health Savings Account and receive the tax deduction
  • You can purchase this plan at any time during the year

Group Health Plans (Must be run through a Business, LLC, etc):

  • It may be cheaper or a better strategy for you
  • No subsidies available for these plans
  • Pre-existing conditions and maternity are covered
  • Drug Card and coverage are covered
  • ACA qualified (no penalty with the purchase of this plan)
  • With the purchase of a qualified high deductible health plan, you CAN contribute to your Health Savings Account
  • You can purchase this plan at any time during the year
  • You must have at least 2 employees (or 75% participation, minus valid waivers)
  • Employees must be on your Quarterly Wage & Tax Statement OR prove ownership (mostly for husband/wife companies)

With the savings, you can enhance your benefits package by adding coverages like dental, life, and disability.

CONTACT WB TODAY for a FREE CONSULTATION!

reese@benefitwork.com

bob@benefitwork.com

843-856-3757