Since the Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010, health insurance in the United States has changed dramatically. Every individual is now required to be covered under a health insurance policy. For those who remain uninsured in 2014, they must pay a penalty on their federal tax returns. Not carrying health insurance costs $95 per adult and $47.50 per child, with a family limit of $285, or one percent of the family’s income. The higher of these two amounts will be the cost of the penalty. So that everyone has access to fairly-priced health insurance, each state was required by federal law to provide an online marketplace available on October 1, 2013 where residents could buy health insurance coverage. At Elite Insurance Solutions, our agents have simplified this process by working with customers to create a customized health care plan that fits their lifestyle, health, and budget. We are not locked into working with one carrier with set rates. Our agents can shop around for the lowest prices from the best health insurance companies to guarantee you the most affordable plan with the most trusted carriers in Tennessee. We would like to tell you more about your health insurance options in this state as we are most frequently asked by customers to answer questions about these options.
If You Qualify for a Subsidy for Health Insurance
If your income falls into a certain range, you are eligible to receive a subsidy to help you pay for your monthly health insurance premium or use as an annual tax credit. However, to be able to use this subsidy, you have to choose a health insurance plan that has been approved by both the federal government and the government of Tennessee. Known as Exchange Plans, these health insurance plans must meet a set of standards of not using loopholes that can deny coverage to people with pre-existing conditions. Your health insurance company options in an Exchange Plan include BlueCross BlueShield of Tennessee, Cigna Health and Life Insurance Company, Community Health Alliance, and Humana Insurance Company.
If You Do Not Qualify for a Health Insurance Subsidy
If your income is too large to qualify you to receive a subsidy, you can still select one of the Exchange Plans from the online marketplace for Tennessee, or you can buy a private health insurance plan available in the private marketplace for the state. Private health insurance companies in Tennessee include Aetna, Assurant Health, BlueCross BlueShield of Tennessee, Cigna, Coventry Health and Life, and Humana Insurance Company. U.S. News & World Report rated 125 individual and family private health insurance plans offered to Tennessee residents on a one-star to five-star basis, with the five-star plans offering the most comprehensive coverage. The two companies with the best individual and family health insurance plans are Humana Insurance Company and BlueCross BlueShield of Tennessee.
What Are the Differences Between a Government-Approved and a Private Health Insurance Plan?
The main differences between the two include the cost and the amount of provided coverage. Private plans generally have less-extensive network coverage or fewer benefits, and this allows these plans to be less expensive.
Have more questions about your health insurance options in Tennessee? Contact Elite Insurance Solutions to ask an agent about the health insurance plans available to you.
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