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Contents tagged with supplemental coverage

Deductible Dilemmas

Posted Jul 18, 2017
By Jenifer Dorsey

Deductible Dilemmas

Health insurance premium and deductible amounts—they’re the numbers you probably look at first when shopping for coverage. What will you pay each month? How much will you pay out of pocket before your benefits fully take effect?

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Waiting it Out

Posted Feb 09, 2017
By Jenifer Dorsey

Waiting it Out

The situation: You bought an individual health insurance plan on January 30, the day before 2017 open enrollment ended. That means you have coverage starting March 1, but you don’t have it now. You have no benefits to help with unexpected medical bills.

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What’s a Hospital Indemnity Plan?

Posted Nov 01, 2016
By Jenifer Dorsey

What’s a Hospital Indemnity Plan?

We all know that a single night in the hospital can be enough to strain many households’ finances, but consider this:

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Is Critical Illness Insurance Worth It?

Posted Jun 29, 2016
By Jenifer Dorsey

Is Critical Illness Insurance Worth It?

 

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Critical Illness: A Plan Worth Having When You Own a Small Business

Posted Jun 22, 2016
By Jenifer Dorsey

Critical Illness: A Plan Worth Having When You Own a Small Business

 

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How Does Critical Illness Insurance Work?

Posted Jun 09, 2016
By Jenifer Dorsey

How Does Critical Illness Insurance Work?

 

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How Can I Save Money on Health Insurance in 2016? Study: Switching Plans May Help

Posted Dec 14, 2015
By Jenifer Dorsey

How Can I Save Money on Health Insurance in 2016? Study: Switching Plans May Help

If your health insurance plan is eligible, auto-renewal can be convenient. But if you’re thinking about sticking with the same coverage in 2016, you may want to think again. A recent study shows you could save money on health insurance premiums by shopping around—on the flip side, you could pay more if you don’t.

The Henry J. Kaiser Family Foundation analyzed how premiums for lowest cost silver plans offered through HealthCare.gov changed from 2015 to 2016 and found the following[1]:

  • If consumers who were enrolled in the lowest cost silver plan for 2015 re-enrolled in the same plan for 2016, they would pay an average premium increase of 15 percent before any applicable premium tax credits.[2]
  • In 73 percent of the 1,721 counties Kaiser analyzed, consumers could find a lower cost silver plan for 2016 than the silver plan they had in 2015.
  • As an example using data from these counties, Kaiser explained that, with subsidies, a 40-year-old making $20,000 per year paid an average of $75 for the lowest cost silver plan in 2015. This person would see a 37 percent increase in premium to $103 per month if he were to automatically renew his coverage in 2016. However, the individual would pay an average of $76 per month by switching plans—a 1 percent increase.

In the study, Kaiser notes that the lowest cost silver plan is the most popular plan sold through HealthCare.gov. You can read the full analysis here.

Additional benefits could help reduce healthcare costs

The money you save on 2016 premiums by switching plans, obtaining premium tax credits or both, could be used on supplemental insurance products to help you save on healthcare expenses your Obamacare plan won’t cover. Such products may include:

  • Dental insurance – Dental plans provide benefits that help pay for a range of dental services, from preventive to major care. You can buy individual and family dental plans through healthedeals.com—some plans have an optional orthodontia discount available.
  • Telemedicine – Get healthcare anytime, anywhere. The telemedicine package offered through healthedeals.com includes access to health consultations with licensed physicians anytime of day and any day of the year—only $15 per consultation. Plus, it includes patient advocacy, discount vision benefits and more!
  • Metal Gap or Metal Gap 2 – Medical gap coverage pays a lump sum benefit when a covered accident or illness occurs. These benefits can make a high-deductible bronze plan feel like gold! Visit healthedeals.com to learn more about Metal Gap and Metal Gap 2, and get a quote to determine which product is available in your state.

Explore supplemental plan options

Be sure to think beyond your premium

Saving money can motivate many people to switch health insurance plans. However, there is more than monthly premium to consider when selecting coverage. When comparing and narrowing your options, be sure to pay attention to factors such as healthcare provider networks, prescription drug formularies, deductibles, and coinsurance and copayment amounts.

Not sure how to get started with the health insurance shopping process or in need of some pointers to make it less stressful? Read “How to Choose 2016 Health Benefits in 5 Streamlined Steps” and “4 Tips to Help Take the Seasonal Stress Out of Health Insurance Shopping.”

If you need assistance selecting an ACA-compliant plan or supplemental coverage, you can speak with an IHC representative who is also an Obamacare certified adviser by calling 888-839-7679.


[1] Cox, Cynthia, et al. “Potential Savings from Active Shopping for Marketplace Coverage in 2016.” The Henry J. Kaiser Family Foundation. Nov. 18, 2015. http://kff.org/health-costs/issue-brief/potential-savings-from-actively-shopping-for-marketplace-coverage-in-2016/

[2] Ibid.

This document is for general informational purposes only. While we have attempted to provide current and accurate information, this information is provided "as is" and we makes no representations or warranties regarding its accuracy or completeness. The information provided should not be construed as legal or tax advice or as a recommendation of any kind. External users should seek professional advice from their own attorneys and tax and benefit plan advisers with respect to their individual circumstances and needs.

DENTAL
THIS PLAN DOES NOT MEET MINIMAL ESSENTIAL COVERAGE REQUIREMENTS FOR PEDIATRIC DENTAL SERVICES AS PART OF THE ESSENTIAL HEALTH BENEFITS IN ACCORDANCE WITH THE AFFORDABLE CARE ACT (ACA) PROVISIONS.

METAL GAP and METAL GAP 2
THIS PLAN IS NOT CONSIDERED TO BE MINIMAL ESSENTIAL COVERAGE AS DEFINED BY THE PATIENT PROTECTION AND AFFORDABLE CARE ACT (ACA). ENROLLING IN AND MAINTAINING THIS PLAN WILL NOT EXEMPT YOU FROM THE SHARED RESPONSIBILITY PAYMENT (TAX) THAT MAY APPLY IF YOU DO NOT HAVE PLAN WITH ACA-COMPLIANT COVERAGE.

© 2015 Teladoc, Inc. All rights reserved. Teladoc and the Teladoc logo are trademarks of Teladoc, Inc. and may not be used without written permission. Teladoc does not replace the primary care physician. Teladoc does not guarantee that a prescription will be written. Teladoc operates subject to state regulation and may not be available in certain states. Teladoc does not prescribe DEA controlled substances, non-therapeutic drugs and certain other drugs which may be harmful because of their potential for abuse. Teladoc physicians reserve the right to deny care for potential misuse of services. Teladoc phone consultations are available 24 hours, 7 days a week while video consultations are available during the hours of 7a.m. to 9p.m., 7 days a week.

About The IHC Group
The IHC Group is an organization of insurance carriers and marketing and administrative affiliates that has been providing life, health, disability, medical stop-loss and specialty insurance solutions to groups and individuals for over30 years. Members of The IHC Group include Independence Holding Company (NYSE:IHC), American IndependenceCorp. (NASDAQ: AMIC), Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company. Each insurance carrier in The IHC Group has a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. (An A++ rating from A.M. Best is its highest rating.) Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups. For more information about The IHC Group, visit www.ihcgroup.com.

About IHC Specialty Benefits, Inc.
IHC Specialty Benefits, doing business as Health eDeals Insurance Solutions is a full-service marketing and distribution company that focuses on small employer, individual and consumer products. Health eDeals markets products through general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit www.HealtheDeals.com.

Continue Reading: How Can I Save Money on Health Insurance in 2016? Study: Switching Plans May Help


Don’t Make This Costly Obamacare Mistake. Health Insurance Options for Healthy, Non-Subsidy-Eligible People

Posted Dec 13, 2015
By Jenifer Dorsey

Don’t Make This Costly Obamacare Mistake. Health Insurance Options for Healthy, Non-Subsidy-Eligible People

 

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