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Health Insurance Health insurance

Generally, health insurance is available as a group benefit from work or through individual plans. As healthcare costs continue to rise, it is wise to consider having some form of major medical insurance. In fact, as part of the Affordable Care Act, people are now required to have health insurance that meets certain criteria in order to avoid potential tax penalties. (Learn more here)

Most medical insurance policies work by having you first meet a deductible. This means that you pay all costs of your healthcare until you have paid a certain amount. In some cases, doctor visits will only require you to pay a small co-pay, rather than the full cost of the visit. Once you have met your deductible, you split this costs with the insurance company. This is called co-insurance, and the portion you pay will range from 10% to 40%. Once you have paid a pre-determined amount of costs (called an out-of-pocket maximum) the insurance company pays the rest of the costs.

As an alternative, you might consider an HSA-eligible plan for you or your family. A Health Savings Account eligible plan allows you to set pre-tax dollars aside for health care costs. This reduces your taxable income and helps you build your emergency fund. The plans typically have higher deductibles than traditional health plans, but they can also have a lower out-of-pocket maximum.

As a part of the Affordable Care Act, some services are now covered at no cost to the insured, including preventive care and well-baby care. Generally, there will be no deductible, co-insurance, or co-pay required in order to receive these services on a routine basis.

Let us help you determine the right kind of coverage for your needs

  • Individuals and families, click here for free health insurance quotes.
  • Our agency can help people apply for Premium Tax Credits through the Exchange or help people apply directly with the Insurance Carriers. There is no fee or additional cost to have a licensed agent help you with the process.
  • Employers may contact us for information about offering health insurance to their employees.
  • If you are eligible for Medicare, or turning 65, please click here for more information.