Difference Between Private and Subsidized Insurance
As a health insurance broker here, I am often the first stop for people looking for new health plans. Many people are either newly eligible for different coverage, left their employer, or moved here recently. It has often been years since many new clients have shopped around for insurance and the changes can be overwhelming. The insurance industry seems to change almost daily and drastic new regulations are a hot topic in political debates right now. If you are just starting to search for insurance and you have no idea where to start, this article may help paint a bigger picture of the difference between private and subsidized insurance.
Subsidized Insurance
Also known as the health insurance marketplace, these income-based plans can be a good option if you fit within the guidelines. Depending on how much you expect to earn in the upcoming year, you can have the government pay for a portion of your premium. How much you plan on earning will determine how much is being paid for you. These plans can be a great way to find an affordable policy if you have limited income. Currently in Nevada, there are three health insurance carriers on the exchange. All of them are HMO plans and will only cover doctors in Nevada. If you earn less than the required income amounts for a subsidized plan, you are eligible for Medicaid.
Private Plans
Private health insurance requires no income proof to enroll. It also does not get the government involved and is simply a policy between you and the insurance company. While the enrollment process is simple and easy, you will be paying full price for a plan. If you are not receiving a subsidy, this is usually the best way to find insurance. In addition to simplicity, you also have more plan choices as well as PPO options. Other carriers that are not on the subsidized market are available to be purchased this way.
Please give our office a call if you have questions about your plan or what might be best for you. Our brokers can discuss these options with you for no fees or added costs. In addition, enrolling in a plan with us will not cost you any more in monthly premiums.
