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Shopping for health insurance is important to do every year. Plans change and new plans are added often, so be sure to shop for the plan that will work for you each year. There are three ways to get access to health insurance. Here they are:
1. Individual - Direct
If you know which insurance company you want to work with, you can contact them directly and purchase a health plan. Remember, Open Enrollment is from November 1 to Feb 28. Outside of this period, you will need a qualifying reason to enroll.
2. Individual - Exchange
Some individuals and families may qualify for a reduced cost also known as Advanced Premium Tax Credits (APTC), that will lower the monthly premiums for health insurance. To find out, you can shop with the state exchange (Covered California). Based on age, income and family size, one might qualify for a discount for one or more family members, Medi-Cal for children, or Medi-Cal for the family. Be sure to provide accurate income information to avoid having to reimburse the credits at tax time.
3. Group Benefits
Business Group plans are the most common way to get health insurance. Most employers offer a group plan to employees and their families. Company contributions help lower the cost for employees, and premiums are pre-tax deductions from payroll, which lowers payroll taxes for employees and the company. Group Insurance usually offer better benefits, larger doctor networks and lower premiums and lower annual increases. Group Benefits help employers with multiple health plan options, and by attracting and retaining good employees to their business.
Finally, you can maximize your cost of insurance by checking all three of the above for each member of your family. A Good Benefits Broker can help Businesses and Individuals navigate the above options. Feel free to contact us for more information.
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