No one plans on getting sick or injured, but life is unpredictable. That’s why having health insurance is necessary. Health insurance protects you from high medical costs, provides essential benefits, and offers free preventive care such as vaccines, screenings, and check-ups. Finding the best, most affordable health insurance option for you and your family can be a challenge. Our health insurance experts at Danskin Agency are here to help you understand your options.
New Jersey has recently passed a mandate, effective January 1, 2019, that all residents have health insurance or pay a penalty. Let’s explore ways to get affordable health insurance in the state of New Jersey that will provide peace of mind for you and your family.
Set Up a Plan for Your Business
Approximately 55% of people nationwide are covered under an employee sponsored health plan. If you own a small business with at least one full time employee (outside of your immediate family), you can start a small group health plan. For businesses with 1-50 employees, at least 75% of the employees would need to join the plan, or have eligible medical coverage from another plan. The State of New Jersey provides an excellent Small Employer Health Benefits Program Buyer’s Guide that can help you determine if your business is eligible for a small group plan.
Small group plans offer the opportunity to obtain better coverage at a lower price. Furthermore, they can provide a tax benefit to the business, while providing a very important and valuable benefit to the employees.
Individual and Family Health Insurance Plans
Some people think that the only way to find inexpensive health insurance is through the Affordable Care Act (ACA), but other options are available as well. New Jersey has several health insurance companies that provide health insurance plans to NJ residents. Most companies offer a variety of plans and options, which have a significant impact on plan costs as well as the potential savings on health insurance services.
An independent agent can help you understand your options for buying individual coverage directly during the open enrollment period, or if you lose coverage for a qualified reason. For example, Danskin Agency will meet with you in order to find the best insurance for your situation. You won’t have to worry about wasting money on coverage you don’t need, which can easily happen when signing up online. Danskin will get to know you and your family while comparing plans to find one that best fits your needs.
Ask About Health Insurance Plan Discounts
More and more insurance companies are offering discounts and incentives for leading a healthier life. Some insurance companies give discounts to those who use fitness trackers or participate in health screenings. Not only does this promote a better, healthier lifestyle, but it also supplies the health insurance companies with data used to identify high risk individuals. The goal is to target these individuals and offer resources to improve their health and well-being.
Consider Catastrophic Coverage
Catastrophic coverage is the cheapest type of health insurance in New Jersey. These high-deductible plans are not for everyone, but they could be an option for you based on your current age and health. If you do choose this type of coverage, we recommend opening a health savings account (HSA), to which you can contribute tax-free dollars each month.
Generally speaking, catastrophic coverage is best for people who are young and in excellent health. In exchange for a lower monthly premium, you have a higher deductible. High-deductible plans usually do include some important benefits such as three primary care doctor visits each year and prescription coverage.
Use Your Parents’ Insurance
The ACA allows you to stay on your parents’ health insurance policy until you are 26. This option is available even if you are married or living on your own. To make the deal more attractive for your parents, offer to pay the difference on the plan. This is typically cheaper than taking out a new policy. Just be sure that your parents’ plan covers your doctors in New Jersey. Out-of-network costs add up quickly.
Health insurance continues to save you money, even before you meet your deductible. To learn more about the affordable health plans from the Danskin Agency, call us today. We’ll find you the right coverage!