Park City, Utah (PRWEB) August 12, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on the marketplaces for those with health insurance.
According to Zane Benefits’ website, a common question from employers and employees is: how do the Health Insurance Marketplaces impact those with insurance? The answer depends on what type of insurance you have.
Generally speaking, there are three types of insurance:
Employer-sponsored health insurance plan: Also known as group insurance, If you have employer-sponsored health insurance, your employer selected and purchased coverage and offers you a plan, or choice of plans.
Individual health insurance plan: If you have an individual health insurance plan, you purchased the plan directly, either through a broker, online, or from an insurance company.
Government health insurance plan: If you have a government health insurance plan, you may be covered under Medicaid, Medicare, or another government-sponsored health plan.
Here's how employees with each of these types of health insurance are impacted by the Health Insurance Marketplaces:
If you have health insurance provided by your employer that is affordable and considered qualified, you don’t need to do anything. You'll likely continue coverage under the employer-sponsored insurance in 2014.
If the premium you pay is not considered "affordable", then you may be eligible for a discount on an individual health insurance plan through your state Marketplace.
If you are paying more than 9.5% of your household income toward your insurance premiums for employee-only coverage, then you may be eligible for financial assistance through your state Health Insurance Marketplace to reduce the amount you pay toward your health insurance premium.
If you bought health insurance on your own, through what is known as the individual market, then you have a new option in 2014 to purchase health insurance through your state Health Insurance Marketplace. Depending on your income and family size, you may be eligible for the health insurance premium subsidies.
You will continue to have a choice as to where you purchase individual health insurance (i.e. other sources than the Marketplace). However, the health insurance premium subsidies will only be available for health insurance purchased through the Marketplace.
Those enrolled in Medicaid can keep their Medicaid coverage. And in many states, eligibility for Medicaid is expanding and more people may be eligible under Medicaid expansion.
Those enrolled in Medicare (age 65 or older), can also keep their coverage.
Employers to Notify Employees of Marketplace Options by October 1
Employers are required to provide employees notification of their options with the Marketplaces by October 1, 2013. The Department of Labor has provided guidance on what the notification needs to include.
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 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 ZaneHRA, visit http://www.zanebenefits.com.