Last month I wrote about the Stop Gap Measure that the State of Iowa had submitted to the federal government as a one year emergency plan to provide health insurance at a reasonable premium for individuals who do not have access to coverage through an employer. On October 20, the State of Iowa withdrew their request as there was not time to continue the conversation with CMS (Centers for Medicare and Medicaid Services) the department of the government that was overseeing the request.
What does this mean?
Individuals in the state of Iowa who have to purchase their own health insurance will have one carrier, Medica, and specific plan options depending on where they live. In addition to plan option limits, some individuals may be paying an additional 58% over this year’s premium. Those with income between 138% and 400% of the Federal Poverty Level will qualify for a Tax Subsidy, or premium reduction through the Marketplace.
Is there good news? Possibly… I have carriers who are offering coverage to individuals who own their own business as a group of one. For example, if you are an LLC and a sole member or if you are an S-corporation and pay yourself W2 wages, although you are the ‘ONLY’ employee, you would qualify to be a ‘group of one’ and therefore could enroll in coverage with these carriers as a group. That means you are included with other businesses and therefore are in a more stable market and possibly have more flexible options. Premiums on these plans aren’t vastly less, but at least they are not increasing by 58%.
If you have questions about individual health insurance in 2018 or want to discuss the ‘group of one’ option, please call Health Insurance Advisor. We look forward to talking with you!
A little more about us:
The Business Warrior group has some of the industry’s top experts in all the areas your business needs to be successful. Amongst the contributors is Janis VanAhn, owner of Health Insurance Advisor, LLC. For 19 years Janis has worked in and around the health insurance industry initially providing service to agents and employers related to employee benefits, individual healthcare and Medicare, while more recently becoming appointed as an individual agent with various quality carriers to provide this service to individuals through her own business.
Four years ago Janis was ‘blessed’ with being let go from her job at an insurance ageny. Staying within insurance was her path…but in what capacity. 2010 was the year Janis began her career as an independent insurance agent specializing in health insurance. Finding quality, cost-effective healthcare for individuals and families under age 65 as well as working with those who are Medicare eligible truly was her passion. She has made this a true specialty and positioned herself as someone to work with whether it is a financial professional or property & casualty agent with a client that needs assistance, to a group of seniors turning 65 and they keep receiving Medicare information and are confused about what to do.
Janis enjoys the one on one contact with clients as well as looking forward to speaking to groups about healthcare. Her excitement for this industry is what drives her to stay in tune with Healthcare Reform and what is currently happening and what will happen with coverage from now to past 2014.
‘Educating individual and Medicare consumers to make informed choices’ is her mission because if people are educated and understand, they will make informed choices that they are comfortable with.