American Rescue Plan Makes Health Insurance More Affordable

The American Rescue Plan now allows for many Americans to lower monthly premiums and claim higher tax credits starting April 1, 2021, with open enrollment being extended to August 15, 2021. This will ultimately benefit those currently enrolled in a health insurance plan purchased through the Affordable Care Act. The result of this will cause most ACA marketplace participants to start seeing less expensive health insurance premiums, and many more Americans will now be eligible for affordable plans that would have been too expensive previously.

Main Takeaways

As of April 1, 2021, more financial help is available for consumers who get their healthcare coverage through the Affordable Care Act marketplace. 92% of people who buy their own health insurance will now qualify for a subsidy that can help reduce the costs. However, the new provisions are temporary and won’t extend past 2022 unless Congress makes these changes permanent.

Financial Changes

When observing the graph above, you can see the law eliminates an income cap previously in place. This determines who qualifies for ACA tax credits to help offset the cost of monthly insurance premiums. This now opens the door to people with incomes above 400% of the federal poverty level ($51,040 annually for individuals), who were previously ineligible for the tax credits.

It also limits the maximum amount anyone must pay for marketplace health insurance to 8.5% of income vs. 9.83%, and boosts subsidies to lower-income consumers—those with incomes between 100% and 400% of the poverty level (from $12,760 to $51,040 for a single person or $26,200 to $104,800 for a family of four).

Next Steps

People who want to enroll in a marketplace plan will be able to take advantage of the new changes starting April 1, 2021. As a reminder, the special enrollment period has been extended until Aug. 15, 2021 for uninsured consumers or those looking to change their plan. 

If you already have a marketplace plan. we highly encourage you to update your enrollments or applications in order to take advantage of these increased savings. This will help allow the increased credits to take effect right away, and reduce premiums for the rest of the year. People who don’t update their applications now can also wait until they file their 2021 taxes next year to claim the added premium tax credit.

Why spend a lengthy time on the phone with the Marketplace when you can give us a call, and we can help you complete or update your application for coverage in under 15 minutes! Give us a call today to take advantage of the new lower rates! We’d be more than happy to help.

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What Does Health Insurance Cover for COVID-19?

Whether you are diagnosed with COVID or receive the vaccine to prevent the virus, you need to understand what your health insurance covers and how you can get coverage if you don’t already have it. Here’s some common questions we are asked:

Will my health insurance cover COVID-19 treatment?

If you have health insurance, you are completely covered for medical services and treatment (as outlined in your plan’s coverage policy). Also, please be aware that there is no such thing as a “COVID-19 insurance coverage plan”. Instead, your health insurance covers your coronavirus medical care (just like any other illness) and this will all depend on your plan’s benefits.

Many health insurance coverages for COVID-19 include:

  • Urgent or emergency room care
  • Diagnostic testing for COVID-19 when ordered by a doctor. COVID-19 tests are available at no cost nationwide at health centers and select pharmacies
  • Inpatient hospitalization, including any medically necessary medications, supplies, or equipment
  • Outpatient services, including doctor visits, labs, and X-ray services

In addition, numerous insurance carriers (as well as Medicare) are now expanding on certain services in response to the pandemic. For example, there are now telemedicine services available for doctor consultations and mental health counseling. This helps to minimize the potential risk of exposure to COVID-19.

Will health insurance cover the COVID-19 vaccine?

When COVID-19 reached the United States, several laws were passed to ensure most Americans would have access to the vaccine at no cost. If you have private health insurance, Medicare, Medicaid, or are uninsured, you will pay absolutely nothing for the vaccine. 

After the public health emergency ends, you may experience a change in COVID-19 coverage and find that you are responsible for a portion of the vaccine administration cost. Therefore, it is important to learn specifics about your plan. 

What’s Next?

At Insurance Advisors of Tennessee, it is our goal to support the health and well-being of our clients. If you need more information and guidelines specific to COVID-19, please visit the CDC’s website.

We recognize that you may have additional questions about health insurance, particularly during the COVID-19 pandemic. We are here to help answer your insurance coverage questions, and our local agents can always assist you in finding the right health coverage to meet your personal needs. 

Get In Touch:

Email: csr@insadvisorstn.com

Phone: (423) 485-3078

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Covid-19: Daily Tips to Protect Your Family

Doctors are reporting they now understand the behavior of the COVID 19 virus due to autopsies that they have carried out. This virus is characterized by obstructing respiratory pathways with thick mucus that solidifies and blocks the airways and lungs. So they have discovered that in order to apply a medicine you have to open and unblock these airways so that the treatment can be used to take effect however all of this takes a number of days.

Doctors recommendations for what you can do to safeguard yourself are …

  1. Drink lots of hot liquids – coffees, soups, teas, warm water. In addition take a sip of warm water every 20 minutes bc this keeps your mouth moist and washes any of the virus that’s entered your mouth into your stomach where your gastric juices will neutralize it before it can get to the lungs.
  2. Gargle with an antiseptic and warm water like vinegar or salt or lemon every day if possible
  3. The virus attaches itself to hair and clothes. And detergent or soap kills it but you must take bath or shower when you get in from the street. Avoid sitting down in your home and go straight to the shower. If you cannot wash your clothes daily, hang them in sunlight which also helps to neutralize the virus
  4. Wash metallic surfaces very carefully bc the virus can stay viable on these for up to 9 days. Take note and be vigilant about touching hand rails, door knobs, etc. and keep these clean in home home
  5. Don’t smoke
  6. Wash your hands every 20 minutes with any soap that foams and do this for 20 seconds
  7. Eat fruits and vegetables. Try to elevate your zinc levels
  8. Animals do not spread the virus to people. Its a person to person transmission.
  9. Try to avoid getting the common flu as this already weakens your system and try to avoid eating and drinking any cold things.
  10. If you feel any discomfort in your throat or a sore throat coming on, attack it immediately using the above methods. The virus enters the system through the throat but will sit in the throat for 3-4 days before it passes into your lungs.

In addition, experts suggest doing this simple verification every morning: Breathe in deeply and hold your breath for 10 seconds. If this can be done without coughing, without difficulty, this shows that there is no fibrosis in the lungs, indicating the absence of infection. It is recommended to do this control every morning to help detect infection.

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Health Insurance and Employee Lay Offs: What you Need to Know!

With more local businesses shutting down each and every day in Chattanooga, Employers are having to make some tough decisions. Small business loans and relief funding may be on the way, but the details are still being ironed out in Congress. If you have been forced to lay off your employees or are seriously considering doing so, you may be wondering…what I can do to ensure my employees have access to quality healthcare and insurance during the lay off period?

Option 1: They can remain on your Group plan.

Insurance carriers are allowing employees to remain on the group insurance even if not actively at work (laid off). This allows employers to continue covering employees on the group plan, allowing them to recover the employee’s portion of the premium when they return to work. Most insurance carriers have extended the premium grace period to 60 days considering the current state of affairs.

If for some reason you have to discontinue your current Group Health plan, here are some additional options for your employees:

Option 2: They could take Cobra coverage

(which is good for up to 18 months)

What you should know:

Immediate coverage is granted after the group plan has ended. All pre-existing conditions are covered and they can generally keep their doctors without having in gaps in coverage. The downside to this option is very expensive monthly premiums. Not ideal for someone being laid off with limited income.

Option 3: They can seek coverage through the Federal Healthcare Exchanges

What you should know:

  • Coverage is granted the first day of the following month following the loss of coverage. Ex. If you lose coverage on March 20th, your new plan with the insurer will start April 1st. Employees have up to 60 days to choose a plan.
  • Coverage in most cases is very affordable. Why? Premiums are based on household income and number of tax dependents. Monthly premiums can be as low as $0.
  • Access to most doctor and hospital groups.
  • You can keep coverage as long as you need or until employer coverage is restored.

As an Employer, no one wants to tell your employees that you are having to cut their health benefits, especially in the middle of a Nationwide pandemic. Armed with the
information above, you won’t have to! At Insurance Advisors of Tennessee, we can partner with your company to provide the best small group health insurance options on the market. Starting a new business? Even better, we can provide group health plan coverage with as little as two covered individuals. Additionally, we offer Disability, Accident, Dental, and Vision plans tailored to your employees needs. If we can assist your business, please feel free to reach out to us.

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8 Steps to Take this Summer for Healthy Living

Improve your health with steps so simple you’ll barely notice the effort.

In the warmer, longer, lazier days of summer, the living may not be easy, but your life probably feels less chaotic. Even adults tend to adopt a “school’s out!” attitude in summer. That’s why this is a perfect time to improve your health in a fashion so seasonally laid back you’ll barely notice the effort.

To get you started, WebMD went to eight health experts in fields such as diet, fitness, stress stress, vision, and oral health. We asked them this: If you could only suggest one simple change this season to boost personal health, what would it be? Here are their top eight tips.

  1. Give Your Diet a Berry Boost
    If you do one thing this summer to improve your diet, have a cup of mixed fresh berries — blackberries, blueberries, or strawberries — every day. They’ll help you load up on antioxidants, which may help prevent damage to tissues and reduce the risks of age-related illnesses. Blueberries and blackberries are especially antioxidant-rich. A big bonus: Berries are also tops in fiber, which helps keep cholesterol low and may even help prevent some cancers.
  2. Get Dirty — and Stress Less
    To improve your stress level, plant a small garden, cultivate a flower box, or if space is really limited, plant a few flower pots — indoors or out. Just putting your hands in soil is
    “grounding.” And when life feels like you’re moving so fast your feet are barely touching the stuff, being mentally grounded can help relieve physical and mental stress.
  3. Floss Daily
    You know you need to, now it’s time to start: floss every single day. Do it at the beach (in a secluded spot), while reading on your patio, or when watching TV — and the task will breeze by. Flossing reduces oral bacteria, which improves overall body health, and if oral bacteria is low, your body has more resources to fight bacteria elsewhere. Floss daily and you’re doing better than at least 85% of people.
  4. Get Outside to Exercise
    Pick one outdoor activity — going on a hike, taking a nature walk, playing games such as tag with your kids, cycling, roller blading, or swimming — to shed that cooped-up feeling of gym workouts. And remember, the family that plays together not only gets fit together — it’s also a great way to create bonding time.
  5. Be Good to Your Eyes
    To protect your vision at work and at play, wear protective eyewear. When outdoors, wear sunglasses that block at least 99% of ultraviolet A and B rays. Sunglasses can help prevent cataractscataracts, as well as wrinkles around the eyes. And when playing sports or doing tasks such as mowing the lawn, wear protective eyewear. Ask your eye doctor about the best type; some are sport-specific.
  6. Vacation Time!
    Improve your heart health: take advantage of summer’s slower schedule by using your vacation time to unwind. Vacations have multiple benefits: They can help lower your blood pressure, heart rate, and stress hormones such as cortisol, which contributes to a widening waist and an increased risk of heart heart disease.
  7. Alcohol: Go Lite
    Summer’s a great time to skip drinks with hard alcohol and choose a light, chilled alcoholic beverage (unless you are pregnant or should not drink for health or other reasons). A sangria (table wine diluted with juice), a cold beer, or a wine spritzer are all refreshing but light. In moderation — defined as one to two drinks daily — alcohol can protect against heart disease.
  8. Sleep Well
    Resist the urge to stay up later during long summer days. Instead pay attention to good sleep hygiene by keeping the same bedtime and wake-up schedule and not drinking alcohol within three hours of bedtime. It’s also a good idea to avoid naps during the day unless you take them every day at the same time, for the same amount of time.

There they are: Eight super simple ways to boost your health this summer. Try one or try them all. They’re so easy you won’t even know they’re — shhhh — good for you.

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