The Affordable Care Act significantly changes the availability, costs and benefits of individual health insurance plans. The law guarantees access to comprehensive and affordable packages without discrimination against you for existing health conditions. If you are ready to enter the individual market, you have four options for choosing a package.
Individual Insurance Exchange (Market)
Insurance company
Health Insurance Agent / Broker
Web Broker
Individual Insurance Exchange (Market)
How it works: This is a government-run online exchange created through the Affordable Care Act. You can find your country exchange at www.healthcare.gov. You create an account and provide information about your family, income, age, and health insurance provided by the company. Then you can compare packages and learn how much each costs. You can also find out if you qualify for a tax credit or subsidy to help you pay for the package.
Advantages: You can easily see what packages are available in your area, including costs, provider networks, and benefits. But perhaps the biggest advantage to buying your insurance on the exchange is that you may qualify for tax credits and subsidies. This can reduce your premium and payment costs.
Weaknesses: Some exchanges are difficult to trace.
Insurance company
How it works: You can directly visit the insurance company website or call the company to get information about available packages. You can even register in packages online or by telephone.
Advantages: You deal with an insurance company that can guide you through the plan.
Disadvantages: If you buy directly from an insurance company, you are not entitled to a premium tax credit. You also can't easily compare packages between insurance companies.
Health Insurance Agent / Broker
How it works: Health insurance agents work for one company, so your choices are limited. However, the broker is independent and represents several companies. Agents and brokers must have a license to sell health insurance in your country. And they have to work with anyone who approaches them, regardless of income. They also need to receive special training and certification to sell insurance on the exchange. In some cases, they also need to register with the federal government. You can find agents or brokers who specialize in health insurance at the National Association of Health Underwriters, www.nahu.org.
Advantages: Both can help you find insurance on the exchange or directly from an insurance company. They can also provide expert advice along the way.
Disadvantages: Insurance companies pay broker and agent fees, so there may be a bias to direct you to a plan that provides the highest commission. Brokers can also charge separate fees to you. Plus, if you buy a package outside the stock exchange, you are not entitled to tax credit or subsidies.
Web Broker
How it works: Web brokers like www.eHealthinsurance.com, www.HealthPlanOne.com, and www.InsureMonkey.com operate personal websites. These sites can directly register you in health insurance plans, including public exchange plans.
Advantages: You can view and register in packages from several insurance companies. The web broker must display all health packages that meet the requirements that appear in the public exchange. But they are not permitted to sort plans in a way that can lead you to a specific plan. They also have to reveal who pays them and how and cannot charge separate fees.
Disadvantages Not all countries allow Web brokers to register people in public exchanges. Also, insurance companies pay fees to brokers, so there may be a bias to direct you to a plan that provides the biggest commission. Plus, if you buy a package outside the stock exchange, you are not entitled to tax credit or subsidies.
source: www.northshore.org
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