Health Insurance

Affordable Care Act (ACA)

President Barack Obama signed the Affordable Care Act (ACA) into law in 2010 to ensure that all Americans have access to affordable health insurance. The act was a major overhaul of the U.S. healthcare system, reducing the amount of unpaid medical services the average family has to pay for. ACA is primarily intended for individuals and small organizations that purchase their own health insurance.

The law addresses health insurance coverage, health care costs, and preventive care.

When you enroll in a health insurance plan, you typically pay a monthly premium to keep that plan. Obamacare includes subsidies to help lower income individuals cover the cost of their plans. These subsidies, also known as tax credits, are still in effect today.

Although pricing is regulated in healthcare, the expertise and experience of the My Insurance Men team helps individuals find the best coverage for their individual situation.

Individuals of all income levels are eligible to enroll in health insurance coverage under the Affordable Care Act. If your family income falls between 100 percent and 400 percent of the federal poverty level (FPL), you may be eligible for a premium tax credit or other special subsidies that will help you pay for health insurance at a lower cost than you would otherwise.

Keep in mind that premiums will vary from plan to plan and state to state, so compare plans in your area to ensure you get the best coverage for your needs and budget.

Small Group Health Insurance

Group health insurance is coverage through an employer or other entity that offers coverage to all eligible individuals in the group. The main benefit group plans offer is lower premiums. Group health insurance policies have a number of advantages and benefits over individual plans. Many employers provide supplemental health plans, which include dental coverage, vision coverage and pharmacy coverage, either separately or as a bundle.

In most states, smallgroup health insurance is medical insurance purchased by businesses with 50 or fewer full-time equivalent employees, to provide health coverage for the employees and their families.

What is Short-term Health Insurance?

Short term health insurance is a type of health plan that can provide you with temporary medical coverage when you are between health plans, outside enrollment periods, and need some coverage in case of an emergency.

One of the biggest benefits of a short-term health insurance plan is that it’s typically cheaper than a regular plan. If you need temporary coverage and are in good health, short-term coverage might be a good option.

What is a Cancer Policy

Cancer insurance is a type of supplemental insurance that pays a benefit if you, the policyholder, are diagnosed with cancer. It's not intended to replace group health insurance coverage you have through your employer or an individual health insurance policy you've purchased.

It is estimated that one in three women will develop cancer over their lifetime and for men it’s one in two men will develop cancer over their lifetime. The money from the cancer insurance policy can be used to cover out-of-pocket costs under the major medical plan, as well as other expenses that arise during cancer treatment, like lost wages and the cost of traveling to treatment facilities.

A cancer insurance policy is an insurance policy that pays a lump sum if the policy holder is diagnosed with cancer. These plans have payouts that typically range from $5,000 to $200,000.

What is a critical illness plan?

A critical illness plan is a policy that pays the insured a lump sum following the diagnosis of an illness covered under the plan. Critical-illness plans often cover diseases like organ transplant, heart attack, stroke, renal failure, and paralysis, among others. There is no coverage if you’re diagnosed with a disease that isn’t on the specific list for your plan, and the list of covered illnesses varies from one plan to another.

There are many different critical illness plans available, with benefit amounts ranging from $5,000 to $200,000 or more.

What Is Hospital Indemnity Insurance?

Hospital indemnity insurance is an insurance plan you can purchase in addition to your health insurance plan sponsored by your employer, the government or a private insurer.

Since even the best health insurance plans have limits, supplemental insurance called hospital indemnity insurance exists to help offset hospital expenses and cover other costs like groceries, childcare and more while you recover.

You pay a monthly premium, just as you do for other insurance, and if you end up spending time in the hospital, you receive a fixed benefit amount directly to you to help cover the expenses. Depending on the plan you purchase, you could use the benefits for your deductible, coinsurance, transportation, medications, rehabilitation or home care costs, as well as some expenses incurred as you recover.