Park City, UT (PRWEB) November 08, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on tips for individual health insurance.
According to Zane Benefits’ website, with health reform in full swing, buying individual health insurance is getting easier. And, more employees than ever before will purchase health insurance on their own - just like car insurance. Here are seven things to know about health reform and individual health insurance.
1. Understand the Basic Health Insurance Terms
The truth is that most employees don't understand the basics such as deductibles, premiums, co-insurance, co-payments, and networks.
2. New Health Insurance Marketplaces
As part of health reform, each state opened a health insurance marketplace (aka "exchange") that provides new coverage options and access to health insurance discounts.
3. Plans Offered by Standard Levels of Coverage
As of 2014, individual health plans will be categorized in four standardized levels of coverage.
4. Health Insurance Discounts
Based on income and eligibility, massive health insurance discounts ("subsidies") are available to help lower the cost of health insurance.
5. What Happens if You Don't Have Health Insurance in 2014?
The individual mandate penalty starts at $95/year or 1% of income (which ever is greater) and is phased-in over three years..
6. Confused by All the Health Reform Acronyms?
Health reform has introduced a new language or terminology and acronyms such as PPACA, ACA, EHB, FPL, and MAGI.
7. Understand How Your Employer Can Help
Employer can provide both a valued health benefit, and allow receipt of the benefits of individual health insurance and the health insurance subsidies, by:
- Not offering traditional employer health insurance
- Give employees a healthcare allowance (also called a “defined contribution health plan”) to use on own health insurance.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHealth") for defined contribution health care. The flagship software provides a 100% paperless administration experience to small businesses and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about Zane Benefits, visit http://www.zanebenefits.com.