As an independent insurance agency, we have the capability and freedom of representing all of the major insurance carriers. This provides us with a wide range of options to help you find a policy that best suits your individual needs. We know that looking for health insurance can be a daunting task. Below are some tips on where to get started during your health insurance process.
With the Affordable Care Act mandating that most Americans purchase health insurance, many of our clients who are healthy question why they need health coverage. Health insurance is important to have so that you and your family are covered during times of unforeseen serious illness or injury that could lead to expensive medical costs. As with most types of insurance, health insurance is there as service you pay for but hope you will not need to use. In addition to being protected financially from unpredictable events, health insurance also helps cover the costs of your routine and preventive care. It is also important to find a health insurance plan to avoid the tax penalty for going without coverage.
There are different timeframes in which you can enroll onto an individual health insurance plan.
There are two ways you can apply for your individual health insurance plan depending on your estimated household income and family size. Please refer to the 2017 Federal Poverty Guideline Chart below.
If your household income is the amount shown or below the amount shown for your family size, you would apply On-Exchange. If your income is greater than what is shown on the chart for your family size, you would apply Off-Exchange.
On-Exchange: This is also referred to as the On the Marketplace. When you apply through the Marketplace, you are given a tax credit to subsidize your monthly premiums. The way to obtain coverage through the Marketplace is by applying online through Healthcare.gov or calling the Marketplace. You can also work with an agent who can sit with you and assist you with understanding the plan options on the Marketplace.
Off-Exchange: This is also referred to as Off the Marketplace. This means your household income exceeds the income percentage of the Federal Poverty Level and you do not qualify for a subsidized premium. To apply for coverage off the exchange you would apply directly through the insurance company of your selection. It does help to have an agent or broker to assist you in understanding the different plan options so that you can make an educated decision on which health insurance plan you select.
For more information on individual or family plans, give our agency a call today or complete our short request a quote form below and one of our friendly agents will reach out to you!
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