Health Insurance Seminar by John Klimchak - Part 3

So, you have the premium subsidies part of the exchange provides coverage for those employees that those young kids that are between 29 and 30 they have catastrophic coverage.

So, they can get a plan that might have an 8 thousand dollar deductible but the premium is extremely reasonable as opposed to being 31 to 32 and getting a bronze plan which still is kind of a high deductible but you still have that premium discount up to age 30 through the healthcare exchange which normally you don't have.

But even more important than that getting talking about employees of different organizations employers that have low wage employees. Check Children's Health Plus, anybody that has employees that have lower income employees they should be looking at Children's Health Plus because based upon their income again they could have the kids covered for a low or no coverage depending upon what the income is of the family.

So that's huge because a lot of these lower wage employees have no idea about that and we're getting notifications from court orders that say well you gotta put the the employee under your plan and the course is absurd.

I was just gonna bring that up that happens with some of my clients.

So, I had that particular employee enroll their kids in Children's Health Plus, they wouldn't have to be worried about these court orders and the cost cause the cost of thatgroup health plan is gonna be significantly more than Children's Health Plus. That's big.

Do you have a in terms of children health plus is there a specific dollar amount that you're referring to?

It's reasonable my kids are on cause I have I don't have a health plan for my business so I'm on exchange for myself and I cover each kid right now. I don't get any subsidies but it's about $300 a month and Children's Health Plus covers everything.

There's like there's no co pays, they can see any specialist, they everything, it is really great. It includes the dental, it includes everything. It's really good coverage.

I think that's a great way to go because it would have been less it's less expensive putting them on Children's Health Plus and paying them for now.

Do you have to bring that on as an option for when it's open enrollment time? Like you would you know or can you run into a situation and say call your broker and say hey I need this little children's help plus mine.

The Children's Health Plus is not a broker driven plan. What happens is during open enrollment, part of the open enrollment kit, depending on the size of the employer has to provide notification and contact information for Children's Health Plus so the employees can reach out to them but it's not the broker's job to provide that Children's Health Plus.

They'll provide the notification that it's available and here's the phone number to go to if you want it or the website that's what's provided

That's through the exchange on the website.

Is there an income requirement? you can't make a certain amount of money.

That's exactly, it's based upon your family size and income

Well no, but like I don't qualify for any subsidies but anyone can get the coverage you know if you are lower income you do get subsidies I don't qualify for that.

So let me give you some examples. So for free to get it for free, to get the Children Health Plus for free, it's free insurance if it's a family size of say three the maximum monthly income is 47-77. If your family of four is 57-72 that's for free. If you have six it's 87-58.

If as an example it cost $30 per child then the income is for a family of three 64 55 a month alright for a family of four 70 80 hundred dollars a month so also if you go $45 per month family of four so the cost would be $45 per month for a family of four the income limit is 90 $100 per month.

But it's just the children up to 26 too?

No, it's not age 26 it's up to 21.

So that doesn't tie into the federal age limit right that would be too simple if everything was the same age.

What do you do for the three or four months that they're not in school?

Usually the insurance runs on a 12 month basis.

But like no, but if so like my son's away in Indiana in college and then they have a college plan that covers them on campus but he's home for the summer I mean it's not I'm not going to send them back to Indiana if something happens.

But usually the plans provide national coverage.

Do they?

They do, it's just not while they're in school. Now they might be at favorable networks in school by going to one of the you know participating or produce type medical facilities but normally they provide coverage on a national basis for that specific reason that if they're understanding that if they're not at school and there's someplace else to be covered.

So like urgent care?

Usually they'll have a network of doctors.

So a student taking this is a class in this genre but let's say you're doing online learning so you're never in the state you're always out 100% of the time. Soes that affect anything that you're talking about for school you know these school programs.

Well typically in the school, you have to have a minimum number of credits to be eligible for the plan.

They can getting the credits are just not in the university.

So I mean you know to that point I would have to check with the school to see if they're eligible for it. I honestly don't know.

But our client does the it's called noodle and they do online learning for 80 universities so it's and they provide services it's an interesting thing that maybe those programs vetted could be able to.

It could very well be I don't know I think with that we'd have to check specifically with the university yeah but that's a good question that's a very very good question.