Marketplace healthcare plans and strategies for 2020 Insurance Consumers looking for alternative options

Marketplace healthcare plans and strategies for 2020

Did you know there are numerous types of healthcare plans available to an individual family and small business. The marketplace brought to you by Obama care is not the only option in town, now that individuals and families are getting wise to how the process works many are choosing either Partial self insurance are full self insurance or picking risks that they want covered to minimize monthly expenses here are the top options for 2020

  • Ministry Health Care
  • Faith based sharing plans
  • Hospital indemnity only plans
  • Doctor or medical plans
  • Catastrophic or named condition policies
  • High deductible health plans
  • Short term health insurance plans
  • Drug only insurance plans
  • Gap insurance plans
  • Medicare supplemental insurance plans
  • Group health insurance
  • Small business health insurance
  • Vision only insurance plans
  • Strategic risk group pools
  • Non-marketplace plans a.k.a. off marketplace plans
  • Branded hospital plans, or hospitals actually have their own insurance plans in house now
  • Out of pocket insurance plans
  • Bridge to Medicare plans
  • Faith based sharing plans are designed to be risk sharing groups of the same faith to qualify for the ACA exemption but one another in the membership pool helps take care of everyone else in the group and in a Christian-based faith sharing model the body of believers will help take care of the rest of the body at the same time leveraging a system or a doctor network or hospital network to help reduce costs and be diligent with the money available to provide healthcare for the overall group. These are not insurance plans
  • Hospital indemnity only plans Are designed for hospital admittance in a hospital stays so in the event you have to go to the hospital it’s an unknown factor but it only covers hospital visits and expenses defined in the indemnity plan so this is a full insurance plan but it only pays specifically to what is listed in the policy so it’s not a full coverage plan by any means but it does help offset large risks that you may have if you have to go to the hospital and often times is used in conjunction with maybe a high deductible plan or a self insurance strategy.
  • Doctor or medical plansCan be both provided by a network of doctors or by an insurance company where there are discounts offered as a premium is paid in Lou of higher costs billed by the doctor or the network, but there are also doctors now that are starting their own doctor plans and you can pay them a monthly membership fee to have full access to them and these are often times used in place of or in conjunction with a self insurance plan or a high deductible plan.
  • Catastrophic or named condition policies can be very comforting because they traditionally cover the top five medical expenses that causes significant overall costs like heart attack, cancer, stroke and these are also full insurance plans but they’re only full insurance plans to their policy maximum and for the defined benefit or the defined condition and typically only available one time use so if you have already had a condition you may not be eligible for this type of policy however the other types of Conditions you may still qualify for. Speak with your insurance agent or insurance company about this type of plan to see if it’s a good fit for your insurance portfolio.
  • High deductible health plans have become very popular because they shift the risk to the consumer and minimize the risk to the insurance carrier while making the consumer feel like they’re spending less per month and feeling more comfortable about managing some of their smaller out-of-pocket costs. Hi deductible health plans are an entry-level self insurance plan because you are truly managing the first portion of your expenses and if done well can actually get more out of a hide adoptable plan then you might think because you can leverage the Provider network or hospital network within this type of plan to help reduce your overall cost every year. Many people opt to go with a maximum hide adoptable and then backfill with potential he a catastrophic or condition specific or accident plan. This can reduce your overall monthly premiums and give you pretty good coverage in the event of a catastrophic expense.
  • Short term health insurance plans are typically designed for six or 12 month period‘s while you’re in between plans are waiting for a plan to start and can only be renewed once or twice so I don’t think you can buy a short term plan and renew it forever because it does have renewal limitations but are good in situations where you’re waiting for a student policy to kick in, or a new job policy to kick in or often times before you retire you may be looking for some sort of coverage before you start your Medicare supplement plan. There’s also short term health insurance plans that are called bridges to Medicare which are designed specifically for individuals 62 265 waiting for Medicare and a supplement to kick in
  • Drug only insurance plans are designed to help reduce the overall cost of your prescription expenses and typically part of a more comprehensive plan but are available individually for premium however most will find that getting just a discount prescription card will help the overall out-of-pocket cost for prescriptions for the majority of Americans. However if you’re on a cocktail or a class a drug you may really benefit from a prescription plan, the key is making sure that you have the plan in place before you need the drugs because onceYou have a require need you may no longer qualify for a prescription drug only plan.
  • Gap insurance plans Cover exactly what they say the gap between one plan or type in another they are usually condition specific and also named so they have a maximum coverage and are defined and very limited but are good to cover a specific gap.
  • Medicare supplemental insurance plans are designed to help offset Medicare covered expenses that are typically paid up to about 80% and then the Medicare supplement plan kicks in however you need to understand if Medicare part a and Medicare part B do not cover the first 80% of the supplemental plan is not going to kick in leaving you exposed to uncovered Medicare expenses. Medicare supplemental insurance plans or Medigap plans traditionally start within six months of your Medicare part B because there is a window that is allowed A specific amount of time where the insured does not have to go through underwriting to qualify for the Medicare supplemental insurance plan but if you wait past this window you may have to go through medical underwriting and often times because of your age have conditions that will preclude you from getting a Medicare supplement plan so it is very important to make sure you know the timelines of when you can purchase your Medicare supplemental insurance plan especially if you have medical conditions already.
  • Group health insurance is a benefit provided by your employer typically of companies that have W-2 employees 50 or more and often times is a group self-insured plan and then destroyed by a insurance company or is a insurance company provided plan paid for by your employer and often times available for your spouse independence. These plans are typically subsidized by the employer making the monthly expense to the employee seem more reasonable and in today’s market are veryMuch included as part of the overall benefit package or employment package because a group plan with a family of five maybe under 1000 Where as in the open market place for that same plan could be upwards of $3000 so essentially that’s a $24,000 a year income increase exchange. Now many groups are moving to Moore high deductible plans putting some of the risk back into the employees side of the equation but still offering a great benefit compared to what’s available in the open market place today. You can use some of the self insurance strategies with a high deductible plan if that will help your overall out of pocket cost per year
  • Small business health insurance is typically for three or more employees and can be a cost savings but have specific requirements and the plans are typically not as robust as available to the groups of 50 and higher making them beneficial but not as robust as the ones in the larger companies. They may save overall monthly expenses especially if you’re a family operation and have multiple family members in the business if you’re paying them a W-2 income but the underwriting will probably be based on that small
  • Vision only insurance plans         Are typically for glasses and prescriptions and contacts and not usually for cataracts an eye surgery because that’s going to be generally picked up by your medical plan and covered under your major medical.
  • Strategic risk group pools are groups or organizations that have created an affinity group or an affiliate group that is able to share in the risk and either a sharing pool or working in conjunction with a health carrier or a health insurance company to provide a group coverage for that association or that defined group of individuals similar to a business group insurance plan and typically offer reduced rates to the association or members of the group in Lou of commissions being paid
  • Non-marketplace plans a.k.a. off marketplace plans
  • Branded hospital plans, or hospitals actually have their own insurance plans in house now
  • Out of pocket insurance plans
  • Bridge to Medicare plans

 

 

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