How can I lower my health insurance premiums?

By working with the private exchange, our experts will create a financial plan specific for you or your business that saves you the most money.

The rules and pricing that apply to individual and small business (less than 50 employees) today will be changing pretty drastically under the new law.

Some of the changes to individual and small business plans include:

• No insurance company can turn you away or charge you more for pre-existing conditions, claims, gender or profession. 
• The rate table has to compress -  lessening the difference between what older and younger pay for insurance. 
• Insurance companies must justify premium increases and limit their profit margins. 
• Benefits will also change to limit your out-of-pocket expenses, a core set of Essential Health Benefits must be included in all plans, no lifetime or yearly limits on Essential Health Benefits so you can't run out of insurance, and you must have 100% coverage for preventive services, just to name a few.

Qualifying for reduced premiums or lower out-of-pocket expenses

Based on income, you might qualify for tax subsidies to reduce your premium or out-of-pocket on certain plans purchased through the exchange. Think of a tax subsidy kind of like a discount that is applied immediately to lower the amount you pay for insurance. You might also qualify for reduced out-of-pocket expenses to help lower deductibles, copays and more.

These changes will cause some people to save a significant amount of money while getting better coverage. For some, they will pay more under the new rules.

Some might pay more under the new law

If you are someone who has been paying very high premiums because of pre-existing conditions, age, gender or industry, then you are likely to see some premium relief, especially if you qualify for a tax subsidy.

But if you are paying very low premiums today because of preferred health, age, gender or industry, then you might see your premiums increase, especially if you do not qualify for any tax subsidies or small business tax credits.

The best thing for you to do is to let our experts review your current insurance plan and compare it to your new coverage options. We will advise you on what offers you the most benefit and most premium savings.