Health care reform is expected to lower costs for Kentucky small businesses, allowing them to attract and retain good employees with affordable group health insurance plans.
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 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.
How Your Ohio Health Insurance Plan Works
The right Ohio health insurance plan is one that would pay for the medical expenses that you cannot afford on your own. To choose the right plan, it’s important to understand how the different aspects of your health insurance work.
Why Ohio Health Care Costs Are Rising
Ohio health insurance premiums are rising. This is mainly due to increasing health care costs. It’s important to understand the factors that contribute to rising costs of health care. Controlling these factors can help to slow down the rise in premiums.
Newly Released Federal Requirements to Change Ohio Health Insurance Scene
The Obama administration has taken steps to implement the provisions of healthcare law which will change the Ohio health insurance scene in many ways. More people will have access to coverage, though it may raise costs for some.
