Park City, Utah (PRWEB) May 26, 2013
Today, Zane Benefits, Inc. published new information on the South Carolina 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 (e.g. the small business healthcare tax credits) and tax subsidies (e.g. individual health insurance tax subsidies) will only be available for coverage purchased through a state Health Insurance Exchange.
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.
In November 2012, South Carolina announced they would default to a federally-facilitated Health Insurance Exchange. The South Carolina Health Insurance Exchange will open October 1, 2013, for coverage beginning January 1, 2014.
History of the South Carolina Health Insurance Exchange
According to Zane Benefits’ website, originally South Carolina explored creating a state-based Health Insurance Exchange. In March 2011, Governor Nikki Haley created the South Carolina Health Planning Committee via Executive Order 2011-09. The purpose of the Committee was to recommend if and how South Carolina should establish a state-based Exchange. The committee recommended that South Carolina not establish a state-based Exchange siting ambiguous operational guidance and rules. In November 2012, Governor Haley informed the Department of Health and Human Services (HHS) that South Carolina would default to the federally-facilitated Health Insurance Exchange.
South Carolina Health Insurance Exchange - What is It?
According to Zane Benefits’ website, the South Carolina Health Insurance Exchange will be operated through a federally-run Health Insurance Exchange (branded as the "Marketplace"). According to healthcare.gov, 726,847 or 18% of South Carolina's non-elderly residents are uninsured, of whom 684,987 (94%) may qualify for either tax credits to purchase coverage in the Marketplace or for Medicaid if South Carolina participates in the Medicaid expansion.
Through the Exchange, South Carolina residents will be able to 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. The SHOP Exchange will be available to small businesses in South Carolina for businesses with 100 or fewer employees. Coverage starts January 1, 2014. More information on the federally-run Health Insurance Marketplace can be found here.
South Carolina Health Insurance Exchange - What Plans Will be Available?
According to Zane Benefits’ website, all plans offered through the South Carolina 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 South Carolina, 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.