A Few Ways You Can Save Money On Health Insurance Premiums

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5 Ways To Save Money On NJ Health Insurance

NJ Health Insurance Options | Bogle Agency Insurance Lyndhurst NJHealth care costs and health insurance premium prices have been dominating the news cycles for several years now. More and more individuals are struggling to find affordable health care – and those who don’t may end up paying penalties for not having insurance. Although the federal mandate for health insurance has been lifted, here in New Jersey, health insurance is still required! Like many, you may be concerned about the rising costs of health insurance here in New Jersey so we’ve put together some tips to help you find the most affordable NJ Health Insurance plans available.

  1. Low Premiums Doesn’t Always Equal Affordable

    When searching for a new health plan, your main concern is probably the monthly costs to you as an individual. These monthly premiums can cost anywhere from $100 a month to $5000 a month! Naturally, you’re going to want to choose the lowest monthly costs, but there is much more to consider when shopping for health insurance. For instance, a $300 monthly premium may seem affordable, but that plans deductible may leave you paying much more up front in the event of unexpected illnesses. Additionally, lower monthly premiums may have different networks of physicians and pharmacies which could cause you to pay unexpected out-of-network fees.

  2. Look for discounts like ‘Wellness Programs”

    Did you know? Many employers and plans offer discounts for wellness activities. These programs can offset the monthly costs of your gym membership, provide policy discounts and even offer cash incentives for being healthy and active! In addition to fitness-related discounts, many plans offer discounts for individuals who are working to lose weight and stop smoking as well! These discounts give you an opportunity to not only save money but to make yourself healthier as well.

  3. Enroll In A Health Savings Account (HSA)

    Health insurance is expensive – there is no getting around that fact. However, there are government policies put in place to help you maximize your savings when it comes to health care. One of those is a Health Savings Account, or HSA. An HSA gives you the opportunity to save pre-tax income to help pay for medical necessities such as co-pays, deductibles and more. Additionally, HSA accounts are “tax-advantaged” savings accounts. This means that not only can you contribute your pretax income into the account, but it will also grow tax-free and can be withdrawn without tax penalties! There are requirements and limits for Health Savings Accounts, so make sure you qualify prior to applying.

  4. Review Your Medical Bills

    Unfortunately, medical billing has become notorious for containing errors. Something as simple as a mistake in the quantity of medication administered could cost you thousands of dollars! However, you can avoid this by asking for itemized bills and taking the time to review them. If you notice an error, you can reach out to both the invoice’s originator, such as the hospital and your insurance company to note the mistake and request a corrected invoice.

  5. Speak With An Insurance Broker

    The insurance world is confusing, complicated and can be stressful. Luckily, Insurance brokers or agents, like the team at Bogle Agency Insurance are experts in insurance policies, federal health insurance mandates and the money-saving possibilities insurance companies offer. Unlike trying to navigate the Health Insurance Marketplace on your own, Bogle Agency Insurance’s agents can help you find the best health insurance for you, your family or your employees that saves you money, provides an ample amount of coverage and doesn’t leave you bankrupt in the event of an illness or injury

Bogle Agency Insurance Offers NJ Health Insurance

Searching for NJ health insurance plans that match your needs can be a daunting task. Luckily, the team here at Bogle Agency Insurance has over 100 years of experience in the insurance industry! Whether you’re looking for an individual health insurance policy, family insurance policy or a health insurance plan for your business, the expert agents at Bogle Agency Insurance can help! Contact us today to learn more about New Jersey Health Insurance plans and how we can save you money!

Health Insurance Shopping Tips

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Shopping For NJ Health Insurance

What to Consider When Shopping for An NJ Health Insurance Policy

 

When shopping for an NJ health insurance policy there are a few things to consider that will make your search smoother and more productive! The goal is to acquire coverage that not only covers you where needed but also save you the most money! Your Lyndhurst NJ insurance agent at Bogle Agency Insurance will be an invaluable resource to help you locate the right plan for you and your family or for your business.

 

Questions You Should Ask To Find The Right New Jersey Health Insurance Plan

 

  • When should I look for a new health insurance plan?

Preferably before your current plan expires. The open enrollment period is the time to evaluate your options. And, it is important to not wait until this open enrollment period is up. The more time you have to research and see what’s out there the more options you will have. Waiting until the last minute can leave you with fewer options. That being said, many people get stuck between jobs or finding themselves without coverage at the last minute.

 

  • Will I be able to keep my current doctor(s)?

If the doctor or medical group that you use matters to you then you should make sure you can continue your routine. Every health insurance plan is different and covers different physicians. Make sure the one you choose has your families physicians on the list of approved doctors!

 

  • I already have health insurance, so I don’t need to look at new plans, right?

Insurance plans change over time and being aware of your options is critical to ensuring that you have solid coverage and the best bang for your buck! You may assume you will stay with your current plan and as it comes time to renew parts of that policy change. Making sure you have the coverage you need is important and surveying the competition helps ensure this.

 

  • Will I be fined for not having health Insurance? Do I have to shop in the Affordable Care Marketplace?

You do not have to get your New Jersey health insurance through the government exchange. However, you do need insurance that meets the standard set by the Affordable Care Act. While portions of the Affordable Care Act have been repealed, the tax fine is still a factor to consider in 2018. This means you will face fines if you do not have health insurance, up to 2.5% of your income!

Contact Your Bergen County Insurance Agent To Learn More About NJ Health Care

Contact our team at Bogle Agency Insurance today to learn more about your New Jersey health insurance options. Our experienced agents look forward to evaluating your family’s needs to ensure that you have the coverage you need. Let our knowledge and experience serve as your guide to shopping for an NJ health insurance policy.

Understanding The Affordable Care Act & Employer Reporting Requirements

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ACA NJ Employer Reporting Requirements

ACA NJ Employer Reporting Requirements | Bogle Agency InsuranceThe shared responsibility (ESR) provision of The Affordable Care Act, or more commonly called the Employer Mandate or “Play or Pay” requires large employers in NJ pay a penalty if they fail to offer health insurance to full time employees. There is an exemption offered to small employers in NJ if they have 50 or less full-time employees. While this took effect in January of 2015, there was a special transition offered to some NJ employers, allowing them to delay their compliance without a penalty until several months into 2016. As we are now moving forward into 2016, it is time to make sure your business is fully compliant with the Affordable Care Act. We want to be sure that all businesses understand the ACA NJ Employer Reporting Requirements.

At its core, the concept behind Play or Pay is a simple one. To play the employer offers health insurance coverage to full time, or full time equivalent workers. You pay by receiving a penalty if you fail to do so. Though the concept is very simple, the details for of the ACA NJ Employer Reporting Requirements leave many open questions.

How Are Full-Time Employees Defined?

First let’s make sure we clearly understand who constitutes as a full-time employee in NJ. NJ Employer Reporting Requirements state that a full-time employee is someone who works as a common law employee for 30 or more hours per week on average. In other words, each employee with 120 or more hours of service in a month counts as one full-time employee.

What Is A Full-Time Equivalent Employee?

To calculate the number of full-time equivalent employees, total the hours of service of all non-full-time employees in a month and divide that by 120.

Am I An Applicable Large Employer?

To meet with the standards of the Affordable Care Act NJ Employer Reporting Requirements, you must figure out if you are an applicable large employer. To do this, count the number of both full time and full-time equivalent employees for each month in the previous year. Add the together and divide by 12. This will give you the result of your average number of employees. If the resulting number is under 50, you are not and Applicable Large Employer. If the result is higher than 50 you likely are an Applicable Large Employer but may have other considerations such as seasonal workers and other special exemptions.

What Is Adequate And Affordable Coverage?

To be considered adequate coverage, and employer must offer minimum essential coverage. This can be any employer-sponsored group health plan, but does not include stand-alone dental or vision coverage. To be considered affordable coverage, if elected , the employee’s contribution for self-only coverage, cannot exceed 9.5% of the employee’s income.

The Affordable Care Act can be difficult and intimidating for employers to navigate on their own. At Bogle Agency Insurance in Bergen County NJ, we can help employers understand the ACA NJ Employer Reporting Requirements and help you find the right group health insurance options for your business.

At Bogle Agency Insurance, we can help Bergen County NJ residents, and all NJ residents with all their Health Insurance and Life Insurance needs. Have a look at our new and improved Life Insurance and Health Insurance pages, full of great information.

 

NJ Health Insurance Coverage

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NJ Health Insurance Coverage | Important Health Insurance Info For People In NJ.

NJ Health Insurance Coverage | Bogle Agency InsuranceThere are two facts about health insurance that are always true. First, it is expensive. Second, having health insurance is one of the best, most common sense decisions you can make to benefit yours and your family’s physical, mental, and financial lives. Everyone needs medical care at one time or another, especially a growing family. Recent changes in health care laws can make it even harder to figure out what kind and how much coverage you need. Not all plans are built alike and there are many more health insurance options available than most people realize. That’s why at Bogle Agency Insurance we take the time to make sure residents of NJ have the health insurance they need. We are experts on NJ health insurance coverage.

Stay Out Of Debt With A Good Health Insurance Plan

Medical debt is one of the top reasons people in the United States end up filing for bankruptcy. The expenses that come from just one minor medical emergency can be astronomical. If you have ever taken a look at a doctor’s bill, or had a stay in a hospital you know just how expensive medical care is. A solid health care plan can and will protect you from owing way more than you can afford to a hospital or doctor.

Lacking the proper health insurance coverage, you could be looking at paying out of pocket for these and any other services that you may need in the future:

  • Doctor’s visits
  • Prescription medications
  • Lab tests
  • Surgeries
  • Treatments
  • Physical therapy
  • Emergency room visits

Remember, though you can predict some of these, you cannot predict most medical needs.

Health Plans That Fit Your Needs And Budget

Bogle Agency Insurance is happy to offer residents of NJ several flexible health insurance options. We will work together with you to find the right plan for your medical needs and your budget. Our health insurance plans for people in New Jersey include:

  • FSAs (Flexible Spending Accounts)
  • Indemnity Health Plans
  • HDHPs (High Deductible Health Plans)
  • HSAs (Health Savings Accounts)
  • HMOs (Health Maintenance Organizations)
  • PPOs (Preferred Provider Organizations)

Health Insurance Is A Top Priority

Don’t wonder if you have adequate coverage only to find out you don’t when it’s too late. Or, don’t wonder of you could be saving yourself money by getting a plan better suited to your lifestyle and budget. If it’s not already, health insurance should be a top priority for everyone. Bogle Agency Insurance is there for NJ residents with over 90 years of experience in the insurance industry. Call Bogle Agency Insurance today at (877)453-7358 for a free health insurance quote in NJ today!