Frequently Asked Questions (FAQ)
What is health insurance?
Health insurance is an insurance product designed to cover medical expenses. Medical expenses include, but are not limited to, preventative care, emergency services, surgeries and prescription medication. Health insurance is like other types of insurance in that you pay a monthly premium to access the plan.
What is a health insurance exchange or marketplace?
The exchange, also called a marketplace, is where you can buy health insurance. Exchanges were set up by the Affordable Care Act (“Obamacare”) to make it easier for people to see what policies are available in an area and make a purchase.
Why is speaking with a licensed insurance agent that specializes in individual and family plan options necessary? We provide expert guidance on available Marketplace (ACA) and non-Marketplace plan options including Dental, Vision, Short-term and Life products. An agent will educate you on physician networks, formularies (prescription drugs), and cost analysis for the following: premiums, copays, deductibles, advanced premium tax credit (APTC), cost share reduction (CSR). Throughout the enrollment process and post-enrollment, you will have a personal contact to assist with questions, claims, or concerns, should any arise.
Call us today 1-855-745-5422 or use the form to the right to have a KHP licensed agent contact you, please include preferred time and method.
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What is the tax penalty for not having health insurance?
The Affordable Care Act adds a fee in place for individuals and families who do not have qualifying health coverage for more than three or more consecutive months out of the year. This fee is called the health insurance mandate. The fee is calculated in one of two ways:
As a percentage of your household income. You will owe 2.5 percent of your household income, with the maximum fee equaling the average total yearly premium of a Bronze plan sold through the Marketplace in your area. You will owe $695 per adult and $347.50 per child under 18. The maximum fee is $2,085. You’ll pay the higher of the two fees. You will calculate and pay your fee on your federal tax return for the year in which you don’t have coverage.
Why should I buy health insurance?
Compare it to other types of insurance: you buy auto insurance, so a company pays for your car to be repaired as well as compensate people injured in accident. You buy homeowners insurance to avoid paying out of pocket to repair your house if it’s damaged. You buy health insurance to help reduce the cost to see a doctor, get medical attention in an emergency, and manage chronic conditions.
Do we work with businesses or just individuals?
Our educational tools are designed for individual users, but we can customize for employers who want to distribute them to their employees. We complement the benefit offering at a company with financial education tools and access to individual products.
How much should a health insurance plan cost?
According to the Affordable Care Act, there are only five factors that go into setting a premium: age, location, whether or not you use tobacco, individual versus a family plan.