Individual Health Insurance and The Affordable Care Act

Health insurance may be the most important type of insurance you can carry. That’s because it affects more areas than just your health … it can also affect your financial bottom line.

Unexpected medical bills can devastate your finances. Health insurance doesn’t just help you pay for care, it can protect you and your family financially in the event of unexpected—or potentially expensive illnesses and injuries.

Unpredictable costs can rob your peace of mind. You don’t want to be in the position of adding “money stress” to an already stressful medical situation. Since care costs are so unpredictable, proper coverage can give you definite peace of mind in knowing you are protected from most of these costs.

 

Affordable Care Act Experts

On March 23, 2010, President Obama signed the Affordable Care Act. This law was designed to bring comprehensive health insurance reforms, hold insurance carriers accountable for costs, as well as give more consumers access to health care.

Each year, there is a period of time called “open enrollment,” which runs from November through January. During this time you can shop and apply for a new health insurance plan if you find your current plan unsuitable. Once open enrollment period ends, you cannot buy or change a plan unless you have a qualifying life event (such as losing your current coverage, getting married or having a baby).

Consumers are also offered tax credits if their household income falls below established thresholds. The law also requires penalties, based on income or number of dependents, for consumers who choose not to participate in a health care plan.

Until recently, most people got their health insurance from their employer, and those with lower incomes received coverage from the government. But more and more people are buying private health insurance plans tailor-made for individuals and families.

If you find yourself in this position, without a clear understanding of what you should do or even look for, our knowledgeable health insurance specialists at Cheney Insurance are ready to help.

Why choose Cheney Insurance?

Because we are an independent agency we can provide real time health insurance quotes and access to online applications from multiple health insurance companies.

We can help you simplify what seems complex, and help you choose from quality, competitive health care plans, including:

  • HMO plans: In an HMO, Health Maintenance Organization, you must select a PCP (Primary Care Physician) who participates with the insurance carrier.  The plan requires referrals from that PCP when a specialist is needed.
  • PPO plans:  In a PPO, Preferred Provider Organization, you must also select a PCP.  However, these plans offer more flexibility in selecting your healthcare provider:  “In-network” benefits (your doctor must participate with the insurance company) and “Out-of-network” benefits.  This means you can see a doctor of your choice; however, because an Out-of-network doctor does not contract with the insurance carrier, the out of pocket costs are more.

The Cheney Insurance Difference

We understand that cost is a factor and our agents will work to meet your coverage and price needs.

While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that is best for you. So you should investigate what you are offered carefully, and consider a relationship with a reliable guide.

We’re your neighbors. We protect people we know and care about in Maine, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.

Click on the quote request button now and let the professionals at Cheney Insurance help you forge the strongest shield possible to help you protect you.