Health insurance is a vital aspect of maintaining our physical and financial well-being, yet not all employers provide this essential benefit. If you find yourself in this predicament, unsure of where to turn for coverage, don’t worry! Our team of knowledgeable independent insurance agents at McKnight & McKnight is here to help you navigate the complex world of health insurance options.
Whether you’re self-employed, working part-time, or simply seeking better coverage than what your employer offers, read on as we explain the process and empower you to take control of your healthcare future.
When Your Employer Doesn’t Offer Health Insurance
If your employer doesn’t offer health insurance, there are still many ways to obtain affordable health coverage.
Here are some alternate options:
- Affordable Care Act (ACA) Insurance Plans: Our agents at McKnight & McKnight can help you find an affordable ACA health insurance plan to enroll in during Open Enrollment or a Special Enrollment Period.
- Direct Purchase: We work with all top-rated insurance companies and can help you select a plan that best suits your needs (including options that might not be offered on the Marketplace).
- Government Assistance Programs: Depending on your income and family size, you might qualify for government programs like Medicaid or the Children’s Health Insurance Program (CHIP). We can help you figure out if these programs are right for you.
- Family coverage: If you’re under 26, you might be able to join a parent’s health insurance plan. This option can be a cost-effective way for young adults to get coverage.
When you are investigating different options, you should consider:
- The monthly premiums
- Out-of-pocket costs
- Covered doctors & providers
- Coverage limits
- Perks & benefits
If you are unsure of what steps to take, lean on our independent agents, we’re always here to help you navigate the world of health insurance!
Creating Your Own “Benefits Package”
If you are employed by a small business without insurance offerings, or if you are a contractor who does not qualify for employer-sponsored insurance, you have the opportunity to apply for health insurance during Open Enrollment Period each year and essentially design your own “benefits package.”
That’s what we’re here to help with!
Premium Subsidies
One of the benefits of this approach is the availability of premium subsidies, which can significantly reduce your health insurance costs.
Premium subsidies are a form of financial assistance provided by the federal government to help lower the cost of health insurance for individuals and families.
So, how do they work?
- Eligibility: First, you need to determine your eligibility. Premium subsidies are based on income and family size. You generally qualify if your household income is between 100% and 400% of the federal poverty level.
- Enrollment: If you qualify, you can apply for a subsidy during the application process. There, you will provide details about your income and family size.
- Payment: The subsidy is applied directly to your insurance premium. This reduces the amount you pay each month.
The amount of the subsidy is determined by a complex formula that takes into account both your income and the average cost of insurance in your geographic region. Generally, those with lower incomes and higher insurance costs receive larger subsidies. This means that people living in areas with higher healthcare expenses may be eligible for more generous premium assistance than those residing in regions with lower costs.
Health Savings Accounts
Health Savings Accounts or HSAs are another option that can offer you the flexibility and control you need to manage your healthcare costs.
An HSA is a type of account that allows you to contribute pre-tax dollars to pay for eligible healthcare expenses. This can include costs for prescriptions, doctor’s visits, and even some over-the-counter medicines.
Benefits of an HSA:
- Flexibility: You can use the funds in your HSA to pay for a wide range of health care services.
- Tax benefits: The money you put into your HSA is pre-tax, meaning you can potentially save on your annual tax bill.
- Control: You decide how much to contribute and when to use the funds. Any unused money rolls over at the end of the year.
Remember: While an HSA can be a useful tool for managing healthcare costs, it may not be the right choice for everyone. It’s important to understand all of your options and consult with our skilled health insurance agents before making a decision.
Special Enrollment Periods
If you’ve missed the Open Enrollment Period for health insurance, don’t worry. There’s still a chance you may qualify for what’s known as a Special Enrollment Period (SEP).
You qualify for a SEP due to certain life events, often referred to as ‘qualifying life events’.
What Are Qualifying Life Events?
Qualifying life events are significant changes in your life, such as losing other health coverage, moving, getting married, having a baby, or adopting a child. If you experience any of these events, you can apply for health insurance during a SEP.
How Long Does a Special Enrollment Period Last?
Typically, a Special Enrollment Period lasts 60 days from the date of your qualifying life event. It’s important to apply as soon as possible after your life event to ensure you get coverage quickly. Call us as soon as you can and we will help you get started!
“I have worked with Bob on and off throughout the years. He is my go-to insurance man. He has always been ready to help me through different situations even when it did not always mean that I would purchase a policy. Honest, trustworthy, and I recommend everyone to him.”
Janell H.
Read More > Picking a Health Insurance Plan
Get the Health Coverage You Need
Finding health insurance can be a daunting task, especially if your employer doesn’t offer it. However, at McKnight & McKnight Insurance Solutions, our team is dedicated to helping you navigate through the complex world of healthcare plans and find the right one for your unique needs.
We understand that everyone’s situation is different, and we will work closely with you to ensure that you have the coverage you need at a price you can afford. Don’t let the lack of employer-provided health insurance hold you back from taking care of your well-being. Contact us today or schedule an Open Enrollment consultation and let us help you find the perfect plan!
