KMG Insurance Solutions will consult, listen and work for you. KMG Insurance Solutions will search numerous companies to find the perfect solution, comparing rates and coverage, for your unique health situation. Dylan will advise regarding:
Medicare Coverage: Generally, you become Medicare eligible when you turn 65 (there are exceptions, and you can become Medicare-eligible before age 65 if a certain disability or health qualification is met).
Medicare coverage consists of Part A and Part B. Once you are enrolled in Medicare, you can then get a Medicare Supplement or a Medicare Advantage Plan. Which one is better? It depends on a variety of factors:
I will help you understand your Medicare Part A and Part B.
I will help you understand Medicare Supplements and Medicare Part D Prescription Drug Plans.
I will help you understand Medicare Advantage Plans.
I will take the time with you, so you build an understanding and comfort level with all aspects of Medicare.
Individual Coverage: An individual plan is needed when your employer doesn’t offer health insurance, or you are a business owner and your company doesn’t offer a health insurance group plan. How do you know what plans are available to you on the Individual Market? What plan do you chose?
Typically, 2 things will drive what plan is best for you, and both things are dynamic year to year. The 2 things are your past/current health situation and your gross income. If your health has begun to deteriorate or you are relatively healthy but have some pre-existing conditions you will need to get a major medical plan.
If your gross income will qualify you for a subsidy you will want to enroll into a marketplace (subsidized) major medical plan. *Be aware of the risks associated with taking a subsidy. In some cases I have seen people have to pay back tens of thousands of dollars to the government.*
If you are healthy with no pre-existing conditions, and your income is above the subsidy threshold you can get a major medical plan or a private market medically underwritten short term medical plan.
Coverage for a Family: A family plan is needed when your employer doesn’t offer health insurance or you are a business owner and your company doesn’t offer a health insurance group plan. Even if you have the option for health insurance from your employer often times it is too expensive to add the spouse and/or children. What plans are available for your family in the Individual Market? What plan is best for your family?
Typically, this comes down to how is my family’s health and what can I afford. Both can be change year to year. If the health of any member of the family has begun to deteriorate or they have significant pre-existing conditions they will need to get a major medical plan. If neither the husband or wife have an option for a group plan and the family’s household gross income will qualify for a subsidy the family will want to enroll into a marketplace (subsidized) major medical plan. *Be aware of the risks associated with taking a subsidy. In some cases I have seen people have to pay back tens of thousands of dollars to the government because they made more money than forecasted.* If the husband or wife has an option for a group plan then you are ineligible for a subsidy.
If the family is healthy with no pre-existing conditions, and your income is above the subsidy threshold or you are ineligible for a subsidy the family can get a major medical plan or a private market medically underwritten short term medical plan. You can also look into Florida KidCare for children under the age of 19 (this insurance program through the state of Florida families must meet income eligibility requirements).
Coverage for a Single Family: A single family plan is needed when your employer doesn’t offer health insurance or you are a business owner and your company doesn’t offer a health insurance group plan. Even if your employer offers health insurance often times it is too expensive to add your child/children. What plans are available for your family in the Individual Market? What plan is best for your family?
Typically, this comes down to how is my family’s health and what can I afford. Both can be change year to year. If someone’s health has begun to deteriorate or they have significant pre-existing conditions they will need to get a major medical plan. If the parent doesn’t have an option for a group plan and the household gross income will qualify for a subsidy the family will want to enroll into a marketplace (subsidized) major medical plan. *Be aware of the risks associated with taking a subsidy. In some cases, I have seen people have to pay back tens of thousands of dollars to the government because they made more income than the forecasted.* If you have an option for a group plan you are ineligible for a subsidy.
If the family is healthy with no pre-existing conditions, and your income is above the subsidy threshold or you are ineligible for a subsidy the family can get a major medical plan or a private market medically underwritten short term medical plan. You can also look into Florida KidCare for children under the age of 19 (this insurance program through the state of Florida families must meet income eligibility requirements).
Coverage for a Student: A lot of Universities and Colleges are requiring students to have health insurance. Some students who are not covered by their parents plan or they have aged out of their parents plan (typically at age 26) need an individual plan. How do you know what plans are available to you from the Individual Market? What plan do you chose?
Typically, 2 things will drive what plan is best for you, and both can be dynamic year to year. The 2 things are your past/current health situation and your gross income. If your health has begun to deteriorate or you are relatively healthy but have some pre-existing conditions you will need to get a major medical plan. If your gross income will qualify you for a subsidy you will want to enroll into a marketplace (subsidized) major medical plan. *Be aware of the risks associated with taking a subsidy. In some cases I have seen people have to pay back tens of thousands of dollars to the government because they made more income than the forecasted.*
If you are healthy with no pre-existing conditions, and your income is below/above the subsidy threshold you can get a major medical plan or a private market medically underwritten short term medical plan. You can also check with your University to see if they offer a group health plan. A lot of Universities offer group health insurance plans to full time students at a set cost.
Coverage for a Small / Medium Company: There are many benefits small and medium sized business can offer its employees. Group Health benefits are one of the benefits employers can offer its employees. It is often the most expensive benefit to offer, but also the most demanded benefit from employees. If your company is under 50 full time employees, it is not required to offer health insurance. Because the costs have skyrocketed over the last decade fewer and fewer small and medium sized business are offering group health benefits. When a company offers group health benefits it disqualifies individuals and their families from a subsidized major medical plan on the individual market so companies especially “blue-collar” companies must weigh the pros and cons. If 80% of your workforce can get a great subsidized plan for $0-$100 per month is it worth spending hundreds of thousands of dollars of the company’s money and employee’s money on premiums when only 20% of the workforce benefit from a group plan? Sometimes a group plan is a great fit, and sometimes it can be a detriment. Offering group benefits can be a great recruiting tool to bring in superstar employees and retain superstar employees.
