NJ Group Health Policy Vs Individual

[NewAgentNJ]

I live in NJ and have my own business with a small group policy.
I have 3 employees, and 2 decline coverage because they have Medicare. I take a policy it is a parent children policy they Oxford.

Would I be better off just getting an individual policy? Or is the group policy a cheaper option?

Any NJ agents out there who could give me an informed opinion?

Thank You

 

[jerry176]

If you have 2+employees, call Horizon BCBS.

You get better coverage with a group plan over an individual plan.
It is usually a little cheaper too.

What part of the state are you in.

 

[NewAgentNJ]

If you have 2+employees, call Horizon BCBS.

You get better coverage with a group plan over an individual plan.
It is usually a little cheaper too.

What part of the state are you in.

North jersey union county area

 

[jerry176]

morris county..................................................

 

[njinsuranceguy]

Group insurance is always better than Individual in NJ. Individual insurance in NJ is expensive and often has tons of holes in it.

Don't focus on 1 carrier... check them all. In your area, all the carriers have excellent networks. In NJ, there are thousands of combinations of plans... how many are you seeing? Which ones are you looking at?

If you need some advice respond or shoot me a private message. Good luck.

 

[kheyknee]

Everything changes in January. The individual markets will be very different than in the past. You did not mention your income. This could be the deciding factor.

You may qualify for premium and or cost share subsidies if your income is below 400% of the federal poverty level with an individual plan.

If your income is higher than 400% of the poverty level than you lose out on the subsidies, but also stand to save more on the tax deduction by going with a group plan. The tax savings are better with higher incomes. Talk to your tax adviser.

 

[njinsuranceguy]

Everything changes in January. The individual markets will be very different than in the past. You did not mention your income. This could be the deciding factor.

You may qualify for premium and or cost share subsidies if your income is below 400% of the federal poverty level with an individual plan.

If your income is higher than 400% of the poverty level than you lose out on the subsidies, but also stand to save more on the tax deduction by going with a group plan. The tax savings are better with higher incomes. Talk to your tax adviser.

Its true.. u fortunately I think it will be for the worse in the individual market. And I dont feel the subsidies will really have much effect unless a company has very low wage earners. Even then the carriers in my area are not counting exchange waivers as valid waivers. So they whole class would have to be excluded from coverage. I've been playing with this math alot and it hasn't worked out yet.

 

[mkd1204]

Its true.. u fortunately I think it will be for the worse in the individual market. And I dont feel the subsidies will really have much effect unless a company has very low wage earners. Even then the carriers in my area are not counting exchangesu waivers as valid waivers. So they whole class would have to be excluded from coverage. I've been playing with this math alot and it hasn't worked out yet.

I'm in NJ too. Supposedly, they are working with the DOBI to allow individual plans to be valid waivers. If they don't, I fear the small group market may implode.