What are your 2015 Health Insurance Options?

Like everyone else, my wife and I are scrambling around trying to gear up for the holiday season, with a ‘to do list’ a mile long and no end in sight…..everyone knows the feeling. And so why not add one more thing to that list with health insurance annual enrollment! 🙂 The heath insurance annual enrollment period begins this year on November 15th and ends on February 15th, 2015. We want to go over the individual/family health insurance options to save you some research time:

1) Marketplace Health Insurance Plans: These are health plans offered through healthcare.gov by various insurers such as United Healthcare (new this year!), Aetna, Humana, Cigna, Coventry, and Assurant. They are major medical plans that are very comprehensive in nature covering things like doctors visits, lab work, mental health, pregnancy, and more. Keep in mind, health plans are not meant to cover everything 100%. The plan ‘metal’ you choose (Bronze, Silver, Gold, Platinum) will dictate the level of cost sharing involved between you and the insurer. Depending on eligibility, these plans may come with tax credits from the federal government to help pay a portion of the cost for consumers.

2) Off Exchange Health Insurance Plans: These are comprehensive health plans offered outside of healthcare.gov, but still offered through major carriers like United Healthcare, Aetna, Humana, Cigna, Coventry, and Assurant. Generally, they are slightly different from the Marketplace plans but are also ACA compliant. With both Marketplace and Off Exchange health plans, it’s important to check their provider network to make sure your preferred providers are ‘in-network’. Tax credits are not available for these plans.

3) Short Term Health Plans- These plans are offered through major carriers as well, but not nearly as comprehensive as the other types of plans we’ve gone over. They are more or less ‘catastrophic type’ plans. They have limited benefits, but the big plus is the premiums are much less expensive than the ACA/Obamacare plans. With that being said, the government doesn’t look at these plans as ‘sufficient’ coverage and so owning one of these plans, will not save you from the government tax penalty.

Each of these health insurance options has its place depending on your specific situation. We’re excited to help as many people as possible this enrollment season find the health insurance that suits their specific needs. If you have any questions at all, please don’t hesitate to contact us!

Dustin Cooley
LionShare Insurance Group