Cheap health insurance in Auburn and Huntington, IN

Make the most of cheap health insurance policies

Most of you think that your health insurance coverage only pays for your hospitalization expenses. But this is not the truth. Along with paying for hospitalization bills, it offers a lot of under-publicized benefits which remain unused because of lack of awareness. We at Health Insurance Shop offer cheap health insurance covers and also educate our clients about its different benefits. So joining hands with us will be a wise decision. The areas that we serve include the different parts of Angola, IN, Auburn, IN and Fort Wayne IN.

The hidden benefits of using health insurance plans

  • Hospital cash allowance on a daily basis- along with covering the hospitalization cost there are some health insurance policies that offer hospital cash allowance on a daily basis, such as the money spent while commuting amid home and hospital, the expenditure incurred on food and refreshments and so on
  • Convalescence benefit- there are some health insurance covers that look after the recovery expenses of the insured. Known as a recuperating benefit it will offer a lump sum during the insured’s prolonged hospital stay which is generally between 7-10 days.
  • Alternative treatment- there are some plans that also cover alternative treatment such as Homeopathy, Ayurveda and Unani up to a certain extent provided it is taken under a government hospital
  • Treatment at home- most health insurance policies widen their coverage to include the domiciliary treatment.
  • The cost associated to organ donors- transplantation surgery is likely to put a lot of stress on the insured emotionally and financially. Besides the recipient’s organ treatment cost and the expenses of the donor are also associated within the hospital bill.
  • Critical illnesses- generally most health insurance policies cover costly procedures such as chemotherapy and dialysis but there are some that provide coverage for specific critical illness.

With so many benefits under one single cover why not invest in it and reap unlimited benefits. To know more speak to our experts today.

ACA Letters Going Out to Some Employers

Employer Notice Program Has Begun!

As part of the checks and balance system of the Affordable Care Act (ACA) as it relates to Advanced Premium Tax Credits (APTC) and Cost-Share Reductions (CSRs), health plans were required to submit forms 1095 to the IRS this past Spring to account for those employees eligible to be covered under group health plans.  Recently, the next phase of this auditing system has been launched in the form of letters to employers.

According to FAQ released by the Centers for Medicare & Medicaid Services (CMS):

“Starting in 2016, the FFM will notify certain employers whose employees enrolled in Marketplace coverage with APTC.  The FFM will send notices to employers if the employee received APTC for at least one month of 2016 and if the FFM has an address for the employer.”

My office has already received phone calls from employers stating they received such a letter and do not know what to do with it.  My advice at this point is to review the following link, and perhaps go as far as appealing the letter.  Do NOT simply ignore it thinking it was sent in error!

https://www.cms.gov/CCIIO/Resources/Fact-Sheets-and-FAQs/Downloads/Employer-Notice-FAQ-9-18-15.pdf

The background of the law regarding eligibility for APTC and/or CSRs when employer coverage is available is often misinterpreted by an employee.  Whether by intent or not, it is unclear who will be responsible.  A common occurrence we have been advised of is when an employee is offered coverage that is by definition “affordable” (i.e. Single cost is less than 9.56% of household income), but the cost to cover spouse and/or children is more than what the employee is willing to have payroll deducted – so he or she may go to the Marketplace and apply for coverage providing the entire cost of the employer coverage (employee and dependent) as the basis for determining affordability.  More often than not, this will result in the employee being awarded APTC, and subsequent notification to the employer that they want to drop the group health plan.

In this type of situation, who will CMS deem responsible?  Will the employer be penalized because their employee misunderstood or misreported the eligibility criteria?  Based upon what we know to be true about the cost of our coverage and what we pay our employees (one of the Safe Harbors for the Employer Shared Responsibility Payment), are we considered a participant in the “fraudulent” actions by dis-enrolling them from our group health plan?  Unfortunately, these and many more questions will be answered as the enforcement of the law develops.

In the mean time, I welcome any and all questions related to Healthcare Reform and the FFM here in Indiana.

Please feel free to contact me for any information regarding Healthcare Reform or the Patient Protection & Affordable Care Act (PPACA).  I may be reached atmichelle@buyhealthinsurancehere.com, or via phone at (260) 484-7010.

DOL Audits on the Rise

Department of Labor Audits

The Department of Labor (DOL) is ramping up their enforcement activities, and employer-sponsored health plans and Plan Documents just might be their new favorite target.

When sponsoring a group health plan, another “hat” that most employers wear includes fiduciary responsibilities that fall under the Employee Retirement Income Security Act (ERISA).  Even though most fully insured carriers have the fiduciary responsibility to pay claims and ensure that the benefit plan runs smoothly, ERISA also outlines requirements for person(s) or entities that are involved with the administration of a plan.   Payroll deduction of employee contributions is one activity that subjects most employers to ERISA standards.  Following is a section from the DOL website that briefly discusses this.

How Do These Responsibilities Affect The Operation Of The Plan?

Even if employers hire third-party service providers or use internal administrative committees to manage the plan, there are still certain functions that can make an employer a fiduciary.

Employee Contributions

If a plan provides for salary reductions from employees’ paychecks for contribution to the plan or participants make payments directly, such as the payment of COBRA premiums, then the employer must deposit the contributions in a plan trust in a timely manner. The law requires that participant contributions be deposited in the plan as soon as it is reasonably possible to segregate them from the company’s assets, but no later than 90 days from the date on which the participant contributions are withheld or received by the employer.  Read more here.

For more information and answers on how we might help you with compliance*, feel free to contact me at:

michelle@buyhealthinsurancehere.com, or via phone at (260) 484-7010.

*Note:  Indiana Department of Insurance restrictions/limitations may apply.

Bluffton, Fort Wayne, Huntington, IN personal health insurance

Importance of personal health insurance

Where do you go to get the best possible personal health insurance? Well if you live in Angola IN, or Auburn IN, then the Health Insurance Shop can help. Finding your way around the health insurance market place can be challenging and even daunting. So it’s good to know about a broker or agency where it is easier to get a quote and the kind of coverage that you need at a price you can afford. It helps to work with a broker who has the programs and tools to help you make the right choices and gives you the ability to get the most out of your personal health insurance.

When looking for personal health insurance its useful to understand some basics. Basically health insurance is a system that helps you pay for medical and health related expenses. Without this system you may find it impossible to pay for health care, especially if something serious happens. Medical costs are high and medical care is an expensive business. When it comes to personal health insurance, there are various plans to choose from.

Irrespective of the various plans you will end up paying a monthly amount – your premium. If you don’t pay the monthly premium your health coverage will lapse. Not a good idea. In addition to your premium, you will also pay for medical treatment and services in the form or co-payments and co-insurance and deductibles. If you have a high premium, your co-payments will be less.

Irrespective of the plans and payment options, you need personal health insurance because you never know when you might be in an accident, get sick or need long-term care. Since preventative care services are fully covered, you are more likely to see a doctor for general check-ups. This way potential problems can be detected at an early stage.

In addition, most plans include wellness programs. Other benefits of personal health insurance include tax credits and the avoidance of penalties imposed under the health reform law.