The Federal Government has set a goal of seven million people to go onto the exchange by March 2014. Here in Indiana, it has been projected that we may have as many as one million Hoosiers take advantage of the exchange.
You could qualify for subsidies if you make less than 400% of the federal poverty level. For a single person, that is $45,960 a year. Your premium on an exchange plan could be $363.75 a month. This plan may be far richer in benefits than what you have right now. The subsidies get even richer if you are at the 300% of Federal Poverty Level. Now a single is looking at $244.16 a month. That single policy may cost up to $6,000 a year. Families will be the ones who really benefit from the subsidies. Take a family of four making $47,100 a year and their premium after subsidies is around $247 a month. That family policy may very well cost $14,000 a month.
We still don’t know what carriers are going to participate in the Indiana Federal Health Insurance Exchange. We should see Anthem, PHP and maybe UHC operate in the exchange. It will be interesting to see what other Indiana health insurance companies choose to participate. Will we see a local HMO participate in the Indianapolis area?
Details on exact plan designs have not been released yet. We know what actuarial value they must meet. You can put three actuaries in the same room and get three different paths to the same value. We do expect networks to be narrow and maybe managed health care plans. A managed plan would have a gatekeeper much like an HMO. The gate keeper is usually your general doctor.
Sometime in August we should have a full release of what the Federal Exchange In Indiana is going to look like.
What we do know is that you will have the option of using a broker or agent. We embrace the broker industry as being the most well equipped for explaining and administering health insurance plans in Indiana. Contact us today to get a head start!