Consider the size of your state’s exchange:
A smaller number of people enrolled in a health insurance exchange makes price negotiation more difficult and there might be better options outside of the exchange.
Staying competitive in your market means hiring the best people, and benefits continue to play a deciding factor in how people choose a job. Insurance Exchanges provide you with lots of options to compare, but choosing the right plan is more than finding the right price. That’s why Ansay & Associates is here to help you navigate health insurance on the exchange.
Service and experience sets us apart and it starts here.
What is a health insurance exchange? This is a way for your state (or the federal government) to organize an insurance marketplace for individuals and small businesses. These exchanges simplify your ability to gather and compare health insurance quotes. Health insurance exchanges also help reduce premium prices by pooling people together. The ultimate goal is that buying health insurance on the exchange generates greater transparency, efficiency, and competition for consumers. Here are a few benefits that might make a health insurance exchange better than compiling a traditional set of quotes:
Although the above are federal standards, each state has a fair amount of autonomy over how they run their health insurance exchange and you will want to be aware of a few things to understand how your options might be impacted:
A smaller number of people enrolled in a health insurance exchange makes price negotiation more difficult and there might be better options outside of the exchange.
Some insurance exchanges don’t attract enough insurers to provide you with adequate options.
Inputting accurate information is very important during the application process. Your data is communicated directly to the Department of Treasury.
Awareness will help you determine how best to use the insurance exchange. Beyond these considerations you’ll want to ponder yourself, health insurance exchanges offer a variety of cost-saving benefits.
The most obvious benefit of a health insurance exchange is the power of numbers – pooling people together makes negotiating better prices that much easier, but the cost saving benefits don’t stop there:
One of the required functions of an insurance exchange is to determine eligibility for tax credits, and can even facilitate advance payments of tax credits.
Employees who cannot afford the plan you’ve selected will have the option to select a plan from the health insurance exchange that’s within their price range.
Although many aspects of an insurance exchange are designed to be user friendly, working with an agent who understands how each plan works can help you save even more.
When you’re putting together quotes from your health insurance exchange you may want to consider the following factors:
You may come across the perfect insurance quote that covers everything you think your employees would want, but, if it only covers a few providers, options for care will still be very limited.
This can make a big difference in the premium you pay, but it can put extra burdens on your employees to get the care and coverage they need, or it can require you to add features like a Health Savings Account to your benefits package.
Understanding what options are available through your insurance exchange and how these impact the out-of-pocket cost for employees will be important to understand and communicate.
This can be one of the most complex aspects to health insurance coverage and the tier of coverage could play a role in premium differences in your quotes.
The agents at Ansay & Associates are committed to helping clients with selecting and administering benefits at the best possible cost. Click to see how utilizing benefits plan consulting is a necessity.
Benefits Plan ConsultingGroup health insurance plans come in all shapes and sizes depending on your business and employees. Navigating all of the many available options can be a challenge. Learn how we can help.
Group Health InsuranceIndividual health insurance plans come in all shapes and sizes. Learn about the types of individual health insurance offered by Ansay & Associates and what you want to include in your plan.
Individual Health InsuranceFrequently Asked Questions
A health insurance exchange is a federal or state marketplace that allows individuals and small businesses to leverage applicants for reduced premiums.
Almost. All legal US citizens (there is eligibility for some qualified immigration statuses) can purchase health insurance on the exchange.
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If you want to find the most suitable health insurance plan for the right price, get in touch with a team member at Ansay & Associates for assistance.
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