HEALTH INSURANCE
Health care can be incredibly expensive without an insurance policy to help you pay for medical procedures and doctor’s visits. Health insurance is a product that pays for health care services in exchange for monthly premiums and sometimes cost-sharing. There are many different types of health insurance, including short-term medical, Marketplace plans, Medicare plans, Medicaid, and group health plans.
MARKETPLACE INSURANCE
Marketplace insurance includes insurance policies that are brokered on insurance exchanges that are locally, state, or federally run. Private organizations can also run insurance exchanges under certain circumstances. These plans are regulated by the Affordable Care Act of 2010, which added new requirements that insurance carriers must offer. With marketplace plans, you have the ability to browse a digital directory that gives detailed information about every plan. This gives you the opportunity to compare all of the various plans and choose one that best fits your needs and budget. Marketplace plans are required to offer a plan at every metal tier in order to participate in the exchange, therefore there are options at everyone’s price point.
If you wish to find a cheaper plan, you may be interested in a bronze tier plan. Gold and platinum tier plans would be the best, while silver tier plans offer above-average coverage. Marketplace plans can also be made cheaper with premium tax credits, which are granted through the government. In order to qualify for premium tax credits, which can be used to lower your premiums, you must fall into a lower income bracket or have minimal assets.
MEDICAID
Medicaid is a state-run insurance program that provides low-income, low asset individuals and families with health insurance. To qualify for Medicaid, you must fall into a low-income bracket and have minimal assets. The decision on whether you qualify for Medicaid will be based on your Modified Adjusted Gross Income, and you will be granted premium tax credits and cost-sharing reductions based on that. Being enrolled in Social Security Insurance may also help you qualify for Medicaid. Medicaid also has non-financial eligibility requirements, namely, you must live within the state that you are receiving Medicaid benefits from. You must also be a citizen or lawful permanent resident.
Our agents can help you determine if a Marketplace plan or Medicaid best suits your individual needs. You can schedule an appointment to talk discuss your individual needs.
MEDICARE
Medicare is another government-run insurance program, but unlike Medicaid, it is specifically designed for people age 65 and older and people with qualifying disabilities. Medicare beneficiaries have access to Part A hospital insurance and Part B medical insurance. They also have the option to purchase prescription drug coverage through Part D of the program. If you want to enroll in a single plan that includes all of these insurance components, you can do so through a Medicare Advantage plan, which is offered through Part C of Medicare. These plans are privately brokered plans that are offered by insurance companies that have been approved by Medicare to provide Part A and B benefits. The cost of Advantage plans vary, which is where a licensed agent's expertise is a valuable resource. Singing River Financial will review your individual needs and give you options to compare and assist with recommendations that best meet the clients needs.