Health Insurance – What to do now?

As we’re sure you’re aware, the Federal Marketplace Website has been having significant issues not allowing people to view quotes and enroll in coverage as advertised.  Hopefully, it will be fixed in the next month, but there’s plenty of work to do now.

At a very basic level, the law can be boiled down to two main changes:  

  • Your eligibility for coverage and rate you pay will no longer be determined based on your health.  All plans will be “community rated” and priced according to the following three factors: Age, Area of Residence, and Tobacco Use
  • If your 2014 household income is below 400% of the Federal Poverty Level and you do not have health coverage available through your employer, you will likely be eligible for a federal tax credit subsidy to offset some or all of the cost for your plan. The following graph illustrates where the household incomes fall based on household size (up the left) and percentage of the federal poverty level (across the top).

Chart

If you are subsidy eligible, we can help you enroll in a plan that takes full advantage of the federal subsidies available to you once the marketplaces are operational.  If you decide on a plan and are able to start and application on your own, you’ll find my broker information below.  It doesn’t cost you anything to add an agent to your policy, but will be very valuable in helping you navigate questions, coverage issues, etc.

If you determine from above that you and your family are NOT subsidy eligible, YOU SHOULD NOT use the marketplace website.  There are likely better options available for you outside of this marketplace.  Many major insurance carriers have opted not to participate in the marketplace and you will not see those options available if you search there exclusively.

You have until December 15th, 2013 to make the right decision.  If you don’t have the right information you could end up paying thousands more for your coverage.  That’s where we come along side and advise you on the best strategy for your situation … and our compensation comes directly from the carrier at no cost to you.

If you decide to start a new application on healthcare.gov or kyenroll.ky.gov (in Kentucky) without me, please add my information on the page that asks, “Tell us if you’re getting help from one of these people.”  Select “Agent or Broker” and fill in all four of the applicable following fields:

  • First Name: Joshua
  • Last Name: Mushlock
  • FFM User ID: jmushlock
  • NPN Number: 8181538

 

Actively working for you,

Josh Mushlock

Co-Founder, Crosspointe Insurance Advisors