27 Oct Health Insurance Rate Hikes…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:Â
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