Medical Insurance Subsidy
Burchfield Insurance Group is ready to guide you through the myriad of options available for an individual medical health plan. While a quick web inquiry into medical insurance can result in being bombarded with a multitude of options, our expert and trustworthy team at Burchfield Insurance can alleviate the confusion of too many results and equally perplexing terminology to lead you to the ideal individual medical insurance. We can also guide you through the process to determine if you are eligible for a medical insurance subsidy to lower the cost of your monthly premium.
Everyone needs medical insurance, because as human beings we are not impervious to illness, injury, or accident. If a plan isn’t available from your employer, or you are unemployed, an individual health plan is available for you.
The Affordable Care Act (ACA)
The most common and comprehensive plans are those which comply with the ACA (Affordable Care Act of 2010). In order to be ACA compliant, these plans are required to:
- Cover essential benefits like: Prescription, mental health/substance abuse, hospitalization, maternity, outpatient services
- Cover preventive care service for no cost
- Cannot charge more for pre-existing conditions and cannot exclude coverage of those pre-existing conditions
- May offer a tax credit to help cover the premium cost
- May enhance the coverage based on income levels
- May refer those with children to Medicaid and Childrens Health Insurance Plan for coverage based on income levels
These ACA plans range in premium cost, benefits offered and which doctors and hospitals are considered in their network. Because of this, it is important to determine your healthcare needs before choosing a plan.
- Do you need to pay as little as possible and just want coverage in case of a catastrophic situation?
- Do you have regular prescriptions and doctors with whom you see frequently and want a plan with lower copays for those needs?
- Do you have certain doctors or hospitals that you prefer, so need a plan where those providers are in your plans network?
There are some restrictions on when individuals can enroll in an ACA qualified plan. There is an annual open enrollment period from November 1- December 15 in which anyone can apply and enroll on a plan to start the following January 1. Otherwise only individuals who have a qualifying event that allows for a special enrollment period can enroll outside of the open enrollment timeframe. This is not the case for most short term plans.
Most short-term plans do not meet ACA requirements, but you can apply any time during the year for these plans. You cannot get a subsidy to help pay for your premium under short-term policies. They do not offer all the essential benefits and may decline coverage if you have a pre-existing condition or exclude coverage for that condition under their plans. Because of these differences, short term plans tend to be less expensive. They are frequently used by individuals with fewer healthcare needs who want coverage for a temporary time period.
We'll Help Select The Individual Health Plan That Meets Your Healthcare Needs
Burchfield Insurance will help you review your available options, calculate the costs, and help you select the individual health plan that meets your healthcare needs and suits your budget requirements. We will guide you as you explore health plans from private insurance companies to find those that most closely meet your needs, looking at those inside the marketplace exchange and those available directly from insurers. For those not eligible for a subsidy, we are well-appointed with carriers selling in the individual market and can enroll you directly.
If the best option for you is to apply through the marketplace, Burchfield Insurance will guide you through the process. Our agents have been helping individuals get health insurance on the marketplace since the rollout in 2014 and are experts in how the process works, the pitfalls to avoid, and the details of the plans offered. We will advise you regarding subsidies which can lower your overall costs.
We partner with direct enrollment web brokers, HealthSherpa and INSXCloud, to simplify the application for marketplace insurance. Our clients avoid the cumbersome process of creating an account through healthcare.gov and trying to complete an application and pick a plan on their own. We can complete the application and enrollment process very quickly and efficiently and even include dental and vision plans as part of the package if you desire.
At Burchfield Insurance, we know the importance of medical insurance to you and your family. We explain the correlation between out-of-pocket costs (deductibles, copayments, and coinsurance) and the costs of your premium. Will help you compare all the various plans from HMOs (health maintenance organizations) toPPOs (preferred provider organizations), to high-deductible health plans with an HSA (health savings account), so you can decide which plan best meets your individual needs. And we will guide you through the complex application process to make sure you get the plan which best suits you and your family.
Get the Medical Insurance Help You Need Today!
It’s no secret that a quick web search for medical insurance help or medical insurance subsidies can quickly result in information overload. You are bombarded with search returns filled with insurance jargon that isn’t exactly easy to understand. You don’t have to wade through it all to find the answers you need. Instead, call on the experienced and trustworthy team at Burchfield Insurance. We can guide you through all the plans available in the insurance marketplace as well as directly with the insurance carriers in your area to help you find the ideal individual insurance plan – one that meets the healthcare needs of you and your family. We can also determine if you are eligible for a medical insurance subsidy to keep the costs of your plan well within your budget. Contact us today for more information or a FREE quote on the plan of your choice.
