What kind of health insurance coverage plans are available during open enrollment for 2019?
The health insurance Marketplace, also known as an Exchange, is where you can shop for and compare insurance plans in your state offered through the Government.
These Exchange plans are best utilized for people who have ongoing or serious pre-existing conditions.
If you’re healthy, you have private coverage options available with normally better rates and benefit options.
Open enrollment for 2019 coverage in the Marketplace will run from November 1, 2018 to December 15, 2018 in most states. Private insurance plans are available to purchase all year long.
You can get off the exchange plan and purchase private coverage at any time; but, you cannot get back on an exchange again until open enrollment.
If you don’t have serious preexisting medical issues, we have affordable quality PPO private health plans available to cover you, your family and your business. Just give us 2-3 minutes of your time to review these options.
In the Health Insurance Exchange / Marketplace, health plans are grouped by levels of coverage … how much you will pay toward the cost of your health care and what services are covered. There are the four levels of coverage offered:
There’s also a Platinum (called Cadillac plans) that are no longer offered in many states due to high costs.
Understand that most plans are HMO, limited benefit plans or limited area PPO’s.
Health maintenance organization (HMO) – A health care system that assumes both the financial risks associated with providing comprehensive medical services (insurance and service risk) and the responsibility for health care delivery in a particular geographic area to HMO members, usually in return for a fixed, prepaid fee. Financial risk may be shared with the providers participating in the HMO.
Limited Benefit Medical Plan – It’s not a comprehensive major medical plan, nor is it intended to replace a major medical plan. The plan is intended to provide you, and your covered dependents, with basic insurance coverage that is capped at specific amounts for specific services.
Limited Area Preferred Provider Organization (PPO) – A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers in a specific geographic area. You pay less if you use providers that belong to the plan’s network.
Bronze plans offer the least coverage. Platinum plans offer the most benefits and are seldom offered. Costs can be beyond most people’s pocketbook on all the plans. The government does offer subsides for those people who have low income.
As with all Government programs there are strings. One stinging example: If your income increases beyond the subsidy threshold, you will have to pay back the subsidy given to you.
Under current law, you will need to buy health insurance in the state in which you have your permanent address. If you move to another state, you will need buy a health insurance plan in that state.
With private coverage, normally you can take your plan with you when you move. Just let your insurance carrier know your new address.
How will open enrollment be different for 2019?
– Premium rates will increase more than the previous years.
– If you’re eligible for cost-sharing reductions (subsidy), you’ll continue to receive them.
– There won’t be a penalty for being uninsured in 2019; however, you are required by law to still have Insurance Coverage.
If you have questions about plans, benefits and premiums during open enrollment, call us at 740.535.6440 and we’ll setup a webinar at your earliest convenience. We’ll walk you through all the options and recommend quality health plans for you, your business or your family, if needed.
Reminder: You can leave the exchange plan and switch to longer term private health coverage at any time.
We offer affordable, quality PPO Health Insurance coverage in over 15 states.