Who in the world wants getting hurt or sick? Though we don’t want such circumstances to happen, we cannot prevent unexpected medical events from occurring. And that is the main reason why we have health insurances.
Getting health insurance is a good investment in the sense that it helps pay hospital costs. It also provides financial protection against ongoing large medical bills and so forth. Through the ‘Affordable Care Act,’ or Obamacare, the landscape of health insurance in Utah has changed, and now includes a range of options for individual and group (families) without job-based healthcare benefits.
Why is Health Insurance Important?
Again, no one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and offers many other essential benefits. Here are some of the reasons why getting a health insurance plan is indeed crucial for you or your family according to HealthCare.gov:
- Health insurance covers essential health benefits critical to maintaining your health and treating illness and accidents. Yes, it is your utmost importance to manage your health and wellbeing as your priority, but it just feels so good to have something to rely on to in the moments of your need.
- Health insurance protects you from unexpected, high medical cost, making you confident that there is someone or something that will catch you in the moment of your weakness. And that is sHealth Information: An Overview of Health Insurance in Utaho comforting to have, if I may say so myself.
- You pay less for covered in-network health care, even before you meet your deductible.
- You get free preventive care, like vaccines, screenings, and some check-ups, also before you meet your deductible. Just like what they always say, prevention is better than cure, so take advantage of the things that may do you good, just like this.
- If you have a Marketplace plan or other qualifying health coverage through the plan year 2018, you don’t have to pay the penalty that people without coverage must pay.
- Insurance companies are now offering network services that cost far less than out-of-network physicians and hospitals, making healthcare more affordable for policyholders.
- If you carry a qualified health insurance plan, you won’t have to pay the penalty for not having health insurance. In 2016 the fine for failing to have health insurance was $695 per person in the household, $347.50 per child, or 2.5% of your total household income, whichever is greater.
- Anyone with a pre-existing condition can still buy health insurance and should purchase health insurance, to help combat conditions that need extra medical care, and provide some financial backing to help pay for doctor and hospital visits.
Health Information: An Overview of Health Insurance in Utah
Also know that Health insurance companies can no longer cancel an individual’s health policy because they have a chronic disease, or discriminate against individuals with a critical condition and charge them more for health insurance. There is equality for all under the Affordable Care Act, making it even more dependable and trustworthy.
Now that you know some of the reasons why health insurance is indeed important, we will soon be discussing more of it so that you may get even a broader knowledge about the matter — specifically, the Health Insurance programs in the state of Utah.
Individual Health Insurance in Utah
For Individual Health Care Insurance in Utah, they use a federally run exchange system. In this case, the state conforms to the much shorter open enrollment period that the federal government implemented in 2018. Enrollment was hampered by the national funding cuts for exchange marketing and enrollment assistance up to the free enrollment period. However, some local organizations, such as ‘Take Care Utah’ and ‘Utah Healthy Policy Project,’ assist the underserved Utahns.
The open enrollment for 2019 in Utah ended last December 15, 2018, but ACA-compliant plans are still possible for Utahns with acceptable proceedings.
Three insurers are offering 2019 health insurance plans In Utah: Molina Healthcare of Utah, Select Health Inc., and University of Utah Health Insurance Plans. These are made possible through the Utah exchange.
Individual Health Insurance Plan Enrollment in Utah
In late 2013, it was estimated that out of 331,000 residents in Utah, there were 206,000 of them who had qualified for premium subsidies to offset the cost of their plans. During the mid-April in 2014, when the first open enrollment ended, 84,601 people are able to complete their registration in the qualified health plans through the Utah exchange. It was reported that 86% of them received subsidies to lower their premiums.
On the other hand, the 2016 private plan enrollment in Utah had doubled compared to 2014. The effectuated admission resulted in a number of 164,415 enrollees.
The 2018 coverage had recorded 194,118 people who purchased individual market plans through the Utah exchange. It was 1.6% lower than the recorded enrollees for 2017.
Group Health Insurance in Utah
Group Health Insurance is the most desired and sought after job benefit a business can offer. Most employees are willing to accept lower wages if their employers are sponsoring their health insurance.
Having the right Group Health Insurance plan can help you become more productive. It allows individuals to attract and retain the necessary skills and talent. This plan shows that you are sincere in caring about the well-being of your workers and your company’s future.
Once your operation is legally considered as a business in your state, you will automatically be approved for Group Health Insurance upon applying. Companies with 50 or more employees are legally obligated to provide Health Insurance coverage while for companies with less than 50 employees, it is not mandated. But, it is advisable if they want to have a quality and efficient team.