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Small businesses are those with no more than 100 employees. Health care reform is expected to lower costs for small businesses in Kentucky, allowing them to attract and retain good employees with comprehensive group health insurance plans. Kentucky is one of the states that have gone ahead with establishing a Health Benefit Exchange. There is a lot of debate on whether the Affordable Care Act has lowered the costs of Kentucky group health insurance for small employers.

The Kentucky health exchange which was established in July, 2012, is expected to create a virtual marketplace for small businesses and individuals to compare coverage, provider networks and costs when shopping for insurance plans. Carrie Banahan, director of the exchange office says that Kentucky will receive about $60 million in grants to develop and implement Medicaid and exchange systems which will be supported by federal funds through 2014. The KY health insurance exchange is expected to be self-sustaining.

Health care reform makes small employers eligible for a health care tax credit. Starting in 2014, the small-business tax credit will go up to 50% for qualifying small businesses. The tax credit is expected to help businesses afford the cost of covering their employees’ health insurance. Small business owners can choose from affordable private Kentucky health plans available through the state health exchange. To qualify for the tax credit, small businesses must satisfy the following conditions:

• The employer should have fewer than 25 full-time employees or its equivalent (for instance, less than 50 half-time employees)
• The employer should provide at least half of the cost of health care coverage for some of its workers based on the single rate
• The average annual wages that the employer pays is below $50,000.

The exchange is therefore expected to help small businesses save money, allowing them to hire and retain good workers.

Small businesses with 50 or more employees are required to offer health insurance to their full-time employees.  Plans available through the Kentucky health insurance exchange will include categories such as Bronze, Silver, Gold and Platinum. The Bronze level represents the minimum coverage requirement, with the Kentucky health insurance plan covering at least 60 percent of the cost of each health service or treatment. Silver, Gold, and Platinum represent higher levels of coverage. However, questions still remain as to the program’s management costs, which critics say, will be very high.

Kentucky group insurance plans are now available in the open market. A licensed and experienced health insurance broker can help you purchase group coverage from leading KY health insurance companies such as Anthem Blue Cross Blue Shield, Humana, Aetna and UnitedHealthOne.

The cost of Kentucky health insurance is rising every year and people are looking for ways and means to save money on health care. Though the Patient Protection and Affordable Care Act is meant to enhance coverage for Americans in general, it is expected that premiums and out-of-pocket expenses will increase. Many of the provisions of the Act will come into effect in 2014. In the meantime, there are some things you can do to keep down your Kentucky health insurance premiums:

• Opt for a plan with higher out-of-pocket costs: Out-of-pocket costs include your deductible, copays, and coinsurance. The deductible is the amount you have to pay every year before your insurance plan begins paying. If you opt for a plan with a high deductible, the amount of your monthly premium would be lower, and vice versa. Choosing a plan with a high deductible is ideal if you are young and healthy and do not expect too many doctor visits during the year.
  

• Look for a private Kentuckyindividual health insurance plan: As the health insurance premiums rising, many Kentucky employers are passing on more of the costs of coverage to their employees. As a result, even if you have job-based health insurance, you may still find it more cost-effective to purchase a private health plan. One of the best ways to do this is to seek out an experienced, licensed health insurance agent. As an established professional brokerage would represent all leading Kentucky health insurance companies, you can benefit from a choice of plans, free quotes and guidance to select the best policy based your requirements and budget.
  

• Reexamine employer-based coverage: If both you and your spouse are eligible for employer-based coverage, check out these plans to see which one will cost you less.
  

-          If your spouse’s family coverage has a lower premium, you may be able to save money by switching to that plan. -          You can also look at the different plan options that your employer offers during open enrollment time and switch to a plan that costs less than the one you currently have. -          Another thing you can do is consider whether you and your spouse should have different plans – if this can bring down your yearly healthcare expenses. For instance, if your spouse has health conditions that would require frequent doctor visits, it would be better for your spouse to stay on his/her employer’s Kentucky health insurance plan with a low deductible. You and the rest of your family (who are in good health) would benefit by choosing a high deductible plan from your employer. This arrangement can bring down your yearly healthcare costs.

• Be careful with COBRA: You would be eligible for coverage under COBRA if you are laid off from your job and your ex-employer has 20 or more employees. But remember that, if you opt for COBRA, you will have to continue to pay the same premium that your employer was paying in addition to an administrative fee. Considering that you are between jobs, it could be cheaper for you purchase short-term Kentucky health insurance on your own.
  

Many affordable Kentucky health insurance plans are available. Locate a reliable agent who can guide you on how to get comprehensive health coverage while keeping your costs low.

with a network of some of the area’s best physicians. Members also have the freedom to choose a non-network physician. This is a great advantage for members who may have to see a certain specialist to treat a rare condition for which care is not available in the plan’s network.

 

Members receiving care from one of Anthem’s network physicians, pay less out of pocket, with Anthem covering more. With a network physician, members can enjoy more effective health care coordination and potential cost savings. There are also fewer paperwork hassles with a network physician.

 

Purchase an Anthem Health Care Plan

 

plan from this provider, contact a licensed and experienced health insurance broker. An established company would be able to offer all Anthem plans at the lowest possible rates.

Following the Supreme Court ruling to uphold the Affordable Care Act (ACA), the state of Kentucky has moved ahead to establish its own Health Benefit Exchange. The online Exchange will begin operation on January 1, 2014. Individuals without employer-based coverage will receive generous tax subsidies to buy Kentucky individual health insurance through the Exchange. However, the big question is now is whether these subsidies will discourage employers from offering group coverage. Significance of the Kentucky Health Benefit Exchange

• It is expected to be a one-stop online market place where individuals can enroll in qualified health coverage plans
• Individuals and small businesses can compare health plans at this virtual Exchange and find out if they are eligible for tax credits for private health insurance or programs like Medicaid
• Eligible individuals can enroll in a health plan that meets their needs through the Exchange
• Kentuckians will receive subsidies to help pay for insurance that they purchase through the Exchange (not through an employer)
• Small businesses in Kentucky will be eligible for tax credits to provide health coverage to their employees through the Exchange
• Starting in 2014, Kentucky firms with 50 or more workers that do not provide group coverage and have at least one-full time employee who receives subsidized health insurance through the Exchange, will have to pay a fee of $2000 per full-time employee. The firm’s first 30 workers would be excluded from the fee.
• Firms with 50 or less than 50 workers will not have to pay any penalties.
• Small businesses with 25 or fewer full-time workers who earn an average yearly salary of $50,000 or less can get tax benefits of up 35 percent of the cost of premiums. The credit will increase to 50 percent in 2014. 

Why Tax Subsides on Kentucky Individual Health Insurance May Affect Group Coverage Starting in 2014, individuals who do not have employer-based coverage and have a household income that is less than 400% above the federal poverty line, can get tax subsidies to enroll in a Kentucky health plan through the Exchange. For instance, a family of four with $90,000 projected annual income in 2014 could get a government tax subsidy which covers nearly 50% of the overall health insurance premium. Similarly, a single individual with a projected income in 2014 could get a tax credit that covers 75% of the overall premium. Experts are saying that these generous tax credits on the individual Kentucky health insurance market will encourage both big and small businesses to give up group coverage. Instead, firms will use the health reimbursement arrangement (HRA) to provide their workers with tax-free allowances to purchase private health insurance. As employers with less than 50 employees are not charged any penalty if their employees are eligible for the federal subsidy, they will be among the first to drop group coverage.

If you currently have a Kentucky health plans, here is some information that may help you understand the health care reform bill.
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