What Type of Health Insurance Do I Need?
Trying to determine what insurance you or your family need or qualify for can be a struggle. Do you need employer group insurance, private insurance, or ACA Obamacare insurance, or indemnity insurance? Read this article to find out which one would be best for you.
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Private Health Insurance
When an individual or family shops and selects their own health insurance policy, whether the coverage has a government subsidy or not, this is a private health insurance plan. A major medical plan will cover your medical bills, hospitals, surgery, doctors, labs, prescriptions, mental health, maternity, preventive visits, etc.
If your plan only pays a certain dollar amount, like $1,000 for emergency room, it may be a “limited liability” health coverage plan. This is NOT a qualified health plan. A major medical plan will cover all the above-mentioned items and more, without a cap. You will have a “maximum out of pocket” limit, which means, once you meet your out-of-pocket max, the insurance company will pay for everything else up to no limits.
It’s wise to request the help of a licensed health insurance agent/broker so they can explain how the plan works. Brokers/agents are free to the individual because the insurance company pays them to assist you. Currently, all (ACA compliant) private health insurance plans whether they have a government subsidy or not, may not “underwrite” you (they can’t look at your health history, height, and weight, etc.) before they enroll you. Other plans that are not (ACA compliant) can underwrite you based on your health history, height and weight, pre-existing conditions, etc., like “short term” health insurance plans can. Short Term plans generally will not cover free preventative, mental health, maternity, and the prescription plans they offer may be limited.
Group Health Insurance
Group insurance is something you become eligible for with employment, either through your employer or a spouse or parents’ employer. Your employer will pay a percentage of your premiums for you, and sometimes they’ll help pay for spouse and dependents, but they are not required to do that. The group insurance plan, however, has to offer it to the spouse and dependents, but isn’t required to pay for them. They may offer to do so, but again, they are not required to.
An employer can offer 1 plan or several plans, and sometimes they’ll offer a group dental and vision plan too. The employer selects the plan they offer the group, not the employees. Once a year the insurance will renew the policy, and the group will have “Open Enrollment” for their employees which will happen 1 month before the group insurance plan renews. This is a critical time for the employee to make decisions whether they want to participate in the group insurance or not. If the employee misses out, they may not have insurance until the next “Open Enrollment” for the group. If the employee misses their open enrollment period at work, they can pay full price for their own plan IF they have a “Life Event” like marriage, birth of baby, move to Nevada, loss of employer coverage. Another option may be to enroll into a short-term plan or other limited liability plan. Otherwise, you may have to wait until your employer announces “Open Enrollment” again. As of the writing of this article, you may NOT be eligible for a government subsidy IF your employer OFFERS insurance. Regardless, if you enroll in the employer coverage or not, if it is offered to you, you are not eligible for a subsidy, in most cases, through Nevada’s State Exchange called Nevada Health Link.
At Nevada Insurance Enrollment We Can Help
If you are unsure of which insurance will work for you, here at Nevada Insurance Enrollment our health insurance agents can help you determine which one you or your family should choose. Call us for more information.
Read More: Health Insurance in Las Vegas, Nevada
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