The Patient Protection and Affordable Care Act (PPACA) was enacted with the goal of making it possible for individuals and families to obtain affordable health insurance. However, health insurance has many aspects to consider. Many find that choosing the right insurance carrier can be confusing, and finding the right balance between the correct coverage and monthly cost can be tricky. There are many factors that affect your monthly cost, such as deductible, co-insurance, and prescription drug coverage. The network that you choose can not only affect your monthly premium, but it can have an enormous impact on your choice of doctors and hospitals.
The 2018 Healthcare Open Enrollment starts on November 1st, 2017 and ends on December 15th, 2017. This is your annual opportunity to shop plans through all insurance companies that are offering coverage in your state. If you want to apply for coverage outside this period, you will need to have a "Qualifying Event" as outlined by Healthcare Reform. There are numerous Qualifying Events that you may experience. For example, if you lose coverage from your employer or your spouses employer, if you experience the birth of a child, get a divorce, move to another state or zip code, or exhaust COBRA benefits, you can purchase health insurance outside the annual Open Enrollment. If you are American Indian or Alaskan Native, you can enroll at any time. And these are only a few examples of Qualifying Events, as outlined by Healthcare Reform.
Spirit Financial Concepts is licensed in the states of Oklahoma, Texas, Missouri Arkansas, Florida, and Colorado, and is certified by the Center for Medicare & Medicaid Services, which means we are qualified by Healthcare Reform regulations to assist you as an Agent or Broker.
There are many considerations when applying for health insurance coverage. You might even qualify for a Premium Tax Credit to help lower your monthly premium and "Cost Sharing" which will lower your out of pocket costs such as your Annual Deductible, your Co-Insurance, and Co-Payments.
Our services have no cost to you, and have no affect on your cost of insurance.
Based on your household size and income, you may be eligible for a Premium Tax Credit to help pay your monthly health insurance premium. Spirit Financial Concepts can help you understand the guidelines, the application process, and obtaining an Eligibility Letter that will show the monthly amount that you qualify for. This amount is paid directly to the insurance carrier of your choice, and you will then be billed for the balance of the premium.
To learn if you qualify for lower cost on health coverage, find your estimated 2015 household income, and household size on the chart below. Keep in mind that if you are married, you must file a joint return on your Federal Income Tax return. However, if you are a victim of domestic abuse and can't file a joint return, you should consider yourself unmarried.
When using the Premium Tax Credit chart, the income used is "MAGI" or Modified Adjusted Gross Income. To determine the correct annual income to use, start by adding taxable income such as wages, salary, and tips, self-employment or business income (generally the amount of money you take in each year minus your expenses), as well as unemployment compensation, Social Security payments including disability payments, but not Supplemental Security Income (SSI), and alimony. Other incomes to include are retirment income, investment income, pension, rental, and other income such as prizes, awards, and gambling winnings.
Don't include the following kinds of income: Child support, gifts, Supplemental Security Income (SSI), Veteran's Disability payments, Workers Compensation, or proceeds from loans such as student loans, home equity loans, or bank loans.
Here is a chart as outlined by UC Berkeley, that will help guide you through the process of determining the correct annual taxable income, for the purpose of applying for a Premium Tax Credit.
Many people are paying substantially more money each month on insurance premiums, because they have incorrectly determined their annual income when completing the Premium Tax Credit application. Spirit Financial Concepts can help you correctly navigate this application process. We will get an Eligibility Letter showing the amount of Premium Tax Credit that you are approved for, immediately upon completion of the Premium Tax Credit application, and help you shop for the best coverage, for the least amount of premium.
One of the biggest ways that insurance companies control cost of claims, is through networks. Spirit Financial Concepts will help you find the correct network, and make sure that your doctor, hospital, or medical facility that you prefer is "In-Network" with the insurance plan that you choose. We cannot emphasize enough, how important this step is to your healthcare costs.
If you are American Indian and a member of a Federally Recognized Tribe, or an Alaskan Native, you may have additional benefits, and you can enroll at any time, rather than waiting on the annual Open Enrollment.
Like all Cost Sharing Benefits, there are income guidelines. For example, for a family of four, if your annual income is under approximately $73,800 per year, you can enroll in a Zero Cost Sharing plan. This means you won't have to pay any Out-of-Pocket costs like deductibles, co-payments, or co-insurance when you get care, and your doctors, medical facilities, and hospitals are not limited to an Indian healthcare provider.
What's more, you may qualify for a Premium Tax Credit, and American Indian or Alaskan Native benefits, simultaneously. Also, keep in mind that even though everyone in your family may not be an American Indian or Alaskan Native, those family members who are, do not lose their benefit opportunities, as long as they qualify otherwise.
Spirit Financial Concepts has helped many individuals and families find affordable health insurance by utilizing Premium Tax Credits, finding the best deductible choice, determining the best insurance carriers and the correct doctor and hospital networks for any given circumstance. Each individual or family has unique circumstances, and we understand the proper pathways to arrive at the correct culmination of all these circumstances.
Keep in mind that our services are free to you! Your cost of insurance is the same, whether you do all the homework, all the shopping, and trudge through the applications on your own. There is no difference in cost whether you go through us, or directly with any insurance carrier.
Call us today to see how we can help you, or to schedule an in office, No-Cost and No-Obligation appointment.
Spirit Financial Concepts, Inc
2241 E Skelly Drive
Tulsa, Ok 74105
Spirit Financial Concepts is a member of the National Association of Health Underwriters.