Health Insurance & Affordable Care Act Plans
Health Insurance is an ever changing market. It is important to shop different plans and programs to ensure you are getting the most comprehensive coverage for the best price. There is no one size fits all in Health Insurance. Several factors such as family size, household income, health history, what you do for a living and many more can help determine which plan is best for you.
At MTD Benefits we take a consultative approach to assisting you and your family find the best coverage possible. How do we do this? We have searched all the different plans and programs out there so you don't have to.
MTD Benefits offers many types of coverage:
Affordable Care Act (ACA) plans.
ACA plans are one of the most comprehensive options available. The reason that we call them comprehensive is because they have to cover things like pre-existing conditions, maternity, and mental health. You may also qualify for a tax credit or cost share reduction to help with costs.
There is an open enrollment period every year from November 1st to January 15th. Enrolling between November 1st and December 15th gives you an effective date of January 1st. Enrolling between December 16th and January 15th gives you an effective date of February 1st. Outside of the open enrollment period, you would only be able to enroll if you had special circumstances. For example if you lost coverage through your job. These special enrollment periods only last 60 days from the event date.
Association Health Plans
Association Health plans are plans available to certain industries. For example Accountants or Lawyers. To be eligible for these plans, typically you have to be in one of these industries that the plan works with. These plans are medically underwritten. This makes Association Health Plans plans a great option for some, but not others.
Short Term Medical Plans
Short Term plans are able to be sold for a term of 364 days in most states. There are also options to get back to back terms up to 3 years in total time. Short Term plans typically do not cover certain things like pre-existing conditions, maternity, and mental health. These plans also have limited coverage for thigns like preventative care and prescriptions.
Medical Cost Sharing Programs
Medical Cost Sharing Programs are NOT Insurance. They are a group of like minded people coming together to share in each others needs. Some of these programs are faith based and some are not. These programs come in all different shapes and sizes. It is important to understand how these programs work to best determine if they are a good fit for your circumstances.
Fixed Benefits Plans (also known as Hospital Indemnity Plans)
These plans offer decent coverage but by themselves they will leave holes for a catastrophic event. Fixed Benefit plans were never designed to be a plan by themselves. They were always designed to be a supplemental plan to another coverage.
Since there are so many different types of plans out there, we highly recommend a no cost no obligation consultation with one of our MTD Benefits advisors.
Contact us today to schedule your consultation.
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