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Individual and Group Health Care 2018

Hang in there folks, there is a light at the end of the tunnel!

Forgive my analogy, but the wrinkly suit that is the Affordable Care Act (ACA) is beginning to see evidence of some pressing and dry cleaning, especially in Knoxville and surrounding areas.

We have all been subject to the “ups and downs” of the past 3 ½ years of Legislation and the enactment thereof-be you on an Individual or Group Health Plan. That being said, the Group Health Market has been the more stable of the two Markets for the whole State of Tennessee, as well as the majority of the country.

If you do not have access to Group Health Insurance from an employer or other entity, Medicare, Medicaid (TennCare), Tricare or other Military Coverage, you are subject to the Individual Health Market. Over the course of the implementation of the ACA, the State of Tennessee has seen Insurance Carriers come and go. Some of you know the frustration of having to change Carriers once they decide to drop out of your particular coverage area. This has left many people either without sufficient coverage or without an Insurance Carrier of choice for proper Doctor and Hospital “In-Network” Coverage. We understand and feel the frustration!

In 2017 Blue Cross Blue Shield of TN had to pull out of the highest Risk Markets in Tennessee: Memphis and surrounding, Nashville and surrounding and Knoxville and surrounding, due to a $500 Million loss since January 1, 2014. Blue Cross announced a few months ago they “may” be coming back to some Markets in Tennessee in 2018.

Enter the Annual Health Insurance Carrier Rates Review: This review is conducted annually by the Tennessee Department of Commerce and Insurance and the Department approves all Rates and Rate increases. This year for the Knoxville area, the Department has announced that (2) Carriers will have Individual Health options in the Knoxville and surrounding areas: Blue Cross Blue Shield of TN and Cigna.

Both Carriers could see as much as a 21%+ increase on 2018 Rates compared to 2017. There will be very few available Individual Plan Options, but nonetheless, we have options. Neither Carrier will be paying Commissions to Agents or Agencies; therefore John Bailey Company will be Enrolling Individuals on a fee-based charge.

Because the Individual Market is so volatile and subject to change Annually, John Bailey Company strongly encourages anyone with a Small Business to contact us regarding Group Health Insurance. Qualifications are minimum of (2) Employees eligible and enrolled. Group Rates are considerably less than Individual Rates and are not subject to some of the same restrictions and oversight as Individual Plans. Also keep in mind Employers of 50+ Employees are required by the ACA to offer Qualified Medical Coverage to their Employees-this is a Federal Mandate.

Whether you are an Individual or an Employer with 2 Employees or 2,000 Employees, John Bailey Company can consult and guide you every step of the way to ensure you, your family and your employees are covered with Major Medical Insurance…….John Bailey Company: Insure a Great Life!

Question or Comment?

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