The landscape of health insurance has changed over recent years following the passage of the Affordable Care Act (ACA). With the goal of making health insurance affordable for everyone, the ACA represented the largest regulatory overhaul to the healthcare industry in many decades.
Now individuals who do not have health insurance coverage through an employer may shop for health plans for themselves through the Federal Marketplace, and may be eligible for subsidies to help pay for it. Businesses have both more options, and more guidelines for the plans they offer to employees.
Whether you are an individual looking to obtain health insurance for yourself and/or your family, or a business owner shopping for the best insurance for employees, the world of health insurance can be confusing territory to navigate.
At Blue Goose, we take on the complexity so that you don’t have to. We match up your specific needs with the best, most affordable products available. It’s as simple as that!
There are many examples of the type of person who might be looking for individual health insurance. One classic example is the self-employed entrepreneur who works for him or herself and thus does not have health insurance offered through an employer. Or, a part-time employee who is not eligible for an employer’s group plan.
Whatever the case may be, individuals who do not otherwise qualify for group health insurance may obtain coverage through traditional insurance companies that offer ACA compliant plans. The offerings differ according to where you live, and as with any health plan, each plan varies in its terms and conditions.
There are differences in premiums, deductibles, networks and drug coverages. In addition to finding the right plan, an individual must determine, based on their income, whether or not they are eligible for a subsidy to help afford the health insurance.
Healthcare.gov was formed as part of ACA implementation to help individuals navigate these intricacies. Working with a licensed health insurance broker who is certified with the Federal Marketplace provides you with the expertise and peace of mind to make sure you are choosing the plan that best suits your individual needs at the most affordable cost.
If you are business owner who is responsible for providing health insurance to employees, then you know that shopping for and finding the right group health insurance plan can seem like a job in and of itself.
Group health insurance is a policy purchased by an employer and offered to their employees. The ACA outlines minimum standards that these plans must include. The ACA also requires all employers with more than 50 employees to offer group health insurance, and although small employers are not required, many offer group health plans as an incentive benefit.
Typically, the employer opts to share premium costs with the employee, and the costs to the employee are deducted via payroll. Premium rates are determined based on limited factors such as age and smoking status of employees.
Most employers seek the expertise of a health insurance broker when shopping for the right policy for their employees. A broker will ask for the necessary information to obtain quotes and shop for a plan that best suits the needs of employees while remaining cost effective for the employer. Premium rates and plan structures change annually, so shopping regularly is a wise idea. Your broker is a great resource for keeping track of these changes and shopping for you. After all, you have a business to run!