Health Insurance Exchange

The Affordable Care Act is underway with a launch date of the health insurance exchange to be kicked off in October of 2013. This launch date is not when the actual insurance programs will take place but the Open Enrollment period for a January 2014 start date.

Several questions we have received is will my Medicare Supplement have to be purchased through the exchange? What is an exchange? A Health Insurance Exchange is simply a marketplace for individuals to go and purchase insurance. These exchanges will be operated by each state but they may be operated by the state itself, the federal government, or by partnerships.

Health Insurance Exchange

People who have a middle of the road income and do not have a group health insurance plan will be able to view rates through the exchange and purchase a plan. Currently it looks as though they will be able to get a subsidy or help of some sort with their health insurance premiums.

However, if you are a low income earner you will be able to receive a subsidy. How will the system know your income? You will have to state your income and right now they are having some issues on knowing how to verify this information. (You must be a legal resident of the United States to receive financial aid or subsidies for your health insurance).

Medicare and the Health Insurance Exchange

Medicare Supplement Insurance will not be sold on the health insurance exchange in 2014. Medicare Supplements are private insurance plans that supplement Original Medicare, filling the gaps of Medicare Parts A and B. For individuals over 65 looking for help in purchasing a Medigap policy visit for online pricing.

There are over 25 different Medicare Supplement companies that are featured on the quote engine and the quotes are provided in 47 different states. Again, Medicare Supplement Insurance will not be featured on the health insurance exchange in 2014. We could see something implemented later down the road but right now it is not on the drawing table.

For help with your health insurance needs contact MWG Senior Services at 877-759-5760.

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