Park City, UT (PRWEB) May 22, 2013
Today, Zane Benefits, Inc. published a new information on the Alabama Health Insurance Exchange. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution plans and health reimbursement arrangements.
According to Zane Benefits’ website, beginning in 2014 as part of the Affordable Care Act (ACA), health insurance coverage for individuals and small businesses will become available through new state health insurance exchanges. Most importantly, the key tax credits and tax subsidies will only be available for coverage purchased through a state health insurance exchanges.
In general, all states have three options for setting up a state health insurance exchange for 2014: build a State-Based Exchange, enter into a State-Federal Partnership Exchange or default to a Federally-Facilitated Exchange.
Alabama will default to a federally-facilitated health insurance exchange. The Alabama Health Insurance Exchange will open October 1, 2013, with coverage beginning January 1, 2014.
History of Alabama Health Insurance Exchange
According to Zane Benefits’ website, Alabama Governor Robert Bentley announced in November 2012 that the state would default to a federally-run Exchange, however initially Alabama supported developing a state-based exchange.
In June 2011, Governor Bentley created the Alabama Health Insurance Exchange Study Commission to recommend how Alabama should establish a Health Insurance Exchange (via Executive Order 17). In November 2011 the Commission endorsed the establishment of the “Alabama Health Insurance Marketplace.” In May 2012 a bill establishing a state exchange passed in the House, however the bill failed to pass the Senate and the bill died at the end of the 2012 legislative session. Therefore, Alabama will default to the federally-run Exchange.
Alabama Health Insurance Exchange
According to Zane Benefits’ website, the Alabama Health Insurance Exchange will be operated through a federally-run Health Insurance Exchange called the "Health Insurance Marketplace." According to healthcare.gov, starting in October 2013 Alabama residents will be able to access information about insurance plans available through the Marketplace. The SHOP Exchange will be available to small businesses in Alabama for businesses with 100 or fewer employees. Coverage starts January 1, 2014.
According to an estimate by healthcare.gov, 642,738 or 16% of Alabama’s non-elderly residents are uninsured. Through the Exchange, Alabama residents can shop for and compare insurance plans, access insurance premium tax credits, and be screened for eligibility in public assistance programs such as Medicaid and CHIP. More information on the federally-run Health Insurance Marketplace can be found here.
Plans Available Through the Alabama Health Insurance Exchange
According to Zane Benefits’ website, all plans offered through the Alabama Health Insurance Exchange will meet the federal ACA definition of a Qualified Health Plan (QHP). The plans will be offered by level of coverage for essential health benefits (EHB), to allow consumers to compare plans on an "apples to apples" basis. The four "metal" levels are: Bronze (plan pays 60%), Silver (plan pays 70%), Gold (plan pays 80%) and Platinum (plan pays 90%). More information on the types of plans that will be available, and the carriers offering plans in Alabama, is expected by late summer 2013.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.