FAQs, Part I

^3957EAB73AB5DD5D7176CF849E79CFEE91E1E0C2B9026C039B^pimgpsh_fullsize_distrAs our clients grow into educated insurance consumers, we often get a lot of questions along the way. Here we’ve compiled a list of the questions we’re most frequently asked, so you can understand some of the complexities in shopping for insurance. Make sure to check our blog weekly for the latest videos and answers to your insurance questions. Click the question below to view the full post and video.

Q1: Are there fees for working with a Crosspointe Agent?
A1: No! There are no fees for working with an agent at Crosspointe! Whether you shop online by yourself or talk to one of our expert insurance advisors, your plan premium will be the same. Another benefit of working with one of our advisors is that you’re working with an educator, not a sales person. You’re getting an expert, focused on finding the right health plan that covers you and your family or your business based on your needs. We want to help you find the plan you need, and the best part is: It’s always FREE.

Q2: How does ACA impact Small businesses?
A2: In 2015, businesses with 50 or more employees will be required to offer health insurance, but those with less than 50 employees hold no similar obligations. Many small businesses find that health insurance is their largest expenditure (second to payroll). By offering employees a group insurance plan, they may be preventing them from taking advantage of premium tax credits. These tax credits are only offered to those who do not receive benefits from their jobs or are 400% below the poverty line. Because employees may be subject to these benefits, employees could receive Federal tax credits to help pay for their insurance premiums; employers could save money themselves by not offering group insurance.

Q3: Why do I need a health insurance broker?
A3: The Internet puts a lot of information at your fingertips, including everything you ever wanted to know about health insurance. While it’s nice to have this information available, finding the right health insurance plan is important and there are a lot legislative complexities to navigate. It can be very difficult for consumers to sort out their best option on their own. The new healthcare laws impact how tax credits work and without the help of an agent, it can be hard to figure out how to use them to your advantage. Crosspointe makes the process of finding the right insurance plan simple, guiding you through your entire enrollment process. Purchasing a plan with the aid of an advisor has NO ADDITIONAL COST, so there’s no reason not to consult an expert.

Q4: How are premiums calculated?
A4: In the past, it was necessary to answer questions about everything from family history, lifestyle, employment history—everything but the kitchen sink! With the new laws and the Affordable Care Act, premiums are calculated based on: Age, where you live, whether you use tobacco or not, and household income. If your household income is at or below four times the federal poverty level, the cost of your plan will be reduced to make it more affordable. You also won’t have to worry about seeing your rates increase or being denied coverage based on a pre-existing health condition. You cannot be turned down or charged more; only the above four factors apply.

Q5: How do I know if I qualify for tax credits?
A5: Tax credits are based on household size and income, and will come in the form of an immediate reduction on the cost of the insurance plan that you choose, allowing those eligible the freedom to choose the plan that makes the most sense for their lifestyle. If you are a small business owner, self-employed or don’t have coverage through your job, you may be eligible for a tax credit.

Q6: I don’t want to use Obamacare (Patient Protection and Affordable Health Care Law). What are my options with insurance?
A6: The Affordable Care Act is a collection of rules and regulations related to how health insurance operates in America. The ACA is not an insurance program. In the law, there are two main components that are meant to help make health insurance more affordable for the general population. The first ensures that you or a loved one cannot be denied or charged more for coverage due to a pre-existing health condition. The second element allows for tax credits for reducing health care cost depending on access to health insurance coverage, your income, and employment.

Check out our blog for more videos and more answers, coming soon!

All about the premiums.

^C352FB1508D39544E0FD010C25C3E4ECA344BCF96A986AC632^pimgpsh_fullsize_distrIn the past, getting health insurance meant being put through the ringer. You would have to answer an endless stream of questions about your health. Depending on your answers, you could be denied insurance or subject to higher premiums. With the changes introduced in the Affordable Care Act, myriads of health questions and pre-existing conditions are no longer a threat to those seeking health coverage. Your coverage is based solely on the four items listed below.

Individual health insurance eligibility is based on:

  • Where you live
  • Income
  • Age
  • Whether or not you use tobacco products

After considering those four criteria, that’s it. Coverage is guaranteed. You cannot be declined or charged more based on a health condition like in the past, and determining the monthly cost of your insurance plan depends on your needs.

The most important thing to note from the above criteria is that your premium will be partially based on your household income. Those who meet certain criteria may not be aware of ways to save money on their health insurance. Individuals at or below 400% the federal poverty level or who do not have access to a group health insurance plan through an employer are eligible for a Premium Tax Credit. With this tax credit you will receive money to help you pay the premiums for your health insurance. In many cases, these federal tax credits are enough to cover the entire cost of some plans and significantly reduce others.

Do you know if you’re eligible for a federal tax credit? Do you have questions about how your premiums are being calculated? Crosspointe Insurance Advisors will work with you to determine which insurance program fits your needs, while guaranteeing the best price possible. Give us a call today or request for a quote to find the tax credits you are eligible for, and the policy that fits your lifestyle and budget.