Health Insurance & Affordable Care Act Plans
Health Insurance can be confusing and difficult to shop for. 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.
At MTD Benefits we take a consultative approach to assisting you and/or your family find the best coverage possible. How do we do this? We shop the plans and programs available based on your needs and then give you options with positives and negatives to each one. We do this all at no cost to you.
Different covrage options available:
Affordable Care Act (ACA) plans.
ACA plans have to cover things like pre-existing conditions, maternity, mental health, preventative health, prescriptions, and much more. 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 be able to enroll if you had special circumstances. For example if you lost coverage through your job. These special enrollment periods typically 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.