Health Insurance has changed dramatically since the Affordable Care Act became law. Individuals and businesses saw changes to deductibles, doctors, and most importantly their premiums. Most importantly, you must be confident in the plan you choose, since you can only pick a plan once a year.

Key Points When Purchasing Health Insurance

Individual Health Insurance

Currently, you have three choices: Bronze, Silver, & Gold. Bronze basically is the least amount of coverage, while Gold offers lower deductibles, and co-pays for doctor visits, and prescriptions. Silver blends a higher deductible, with co-pays for doctor visits, and prescriptions. Obviously, the plans differ in premium significantly.

Group Health Insurance

Group Health Insurance offers a variety of plans such as PPOs, POS, and HMOs. If you’re a small business, you might be able to qualify for the SHOP program and earn a tax credit to help pay the premiums. Again, we suggest working with a certified local insurance to assist in the process.

Common Questions about Health Insurance

Yes, the government requires everyone to purchase Health Insurance. If you do not, you will be fined based on your household income.

You can go through or a local certified insurance agent. We suggest working with a local agent to help navigate the Health Insurance market. Working with a local agent does not cost more than online, and they can help determine if you qualify for a subsidy for premium assistance.

There are two instances when you can purchase health insurance. 1. Special Enrollment Period, this allows an individual to obtain coverage at any time if they have moved out of a service area, marital status change, had a child, disability, or loss of group health insurance. 2. Open Enrollment Period, for individuals this is always 11/1-1/31, and for Group Health Insurance it’s during the group’s open enrollment, or after a waiting period for a new employee. If you miss any of these “windows” coverage cannot be obtained until the next year.