FAMILY INSURANCE

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COBRA Family
Health Insurance

COBRA stands for the Consolidated Omnibus Budget Reconciliation Act, which mandates that families going through certain life changes are eligible for health insurance coverage. These include job loss and unemployment, divorce, death and retirement. If you or your spouse experiences a qualifying life event, you may be eligible for COBRA health insurance for your family.

COBRA continuation coverage may last up to 36 months. It’s typically more expensive to use COBRA health insurance compared to private plan options. If you’re eligible for COBRA, it’s helpful to talk with an insurance broker who can compare costs of COBRA family health insurance versus a private family health insurance plan.

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HealthCare.gov Marketplace Family Health Insurance

HealthCare.gov runs a federal health insurance Marketplace via the Affordable Care Act (ACA), which families can visit to shop for health insurance. A potential benefit of getting health insurance through the Marketplace is that, depending on your income, some families qualify for subsidized family health insurance. That means, you could get a discount if you qualify based on how much money your family makes. 

Also, Marketplace plans are available no matter what pre-existing conditions an applicant has, or what their current health state is. A potential downside to Marketplace plans is that most options are health maintenance organization (HMO) plans, which limits the providers you may be able to see under one of these plans. But for Arizona families with low income, the savings subsidized plans can provide may be worth it.

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Private Family Health Insurance

Private Family health insurance involves working with an Arizona family health insurance broker who can present you with different options based on your budget and needs. AZ Health Insurance Brokers works with local top-rated insurance companies to find you the right family health insurance plan to meet each of your family members’ needs.

Using our expert free health insurance services to find the right family health insurance policy will save you time and money. Plus, you have direct access to talk with a family health insurance expert, who can answer any and all of your questions promptly when you need them to.

Because we work with so many different insurance companies, we can help find you a customized insurance plan with one of the best-reviewed insurance companies in Arizona. We’ll take the time to assess your family’s medical needs and work to find a family health insurance plan that gives you the coverage you want, at a price you can afford.

In addition, we’ll help you discover a plan that allows you to see the doctors you choose and the clinics and hospitals you prefer.

Pre-Taxed Savings for Families:
Health Insurance Alternatives

Some employers may offer workers health insurance alternatives that provide financial coverage for routine healthcare and health emergencies. These health insurance alternatives include health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). 

At AZ Health Insurance Brokers, we can help families navigate how to use these options, as well as learn about private healthcare coverage that could supplement or replace these when needed.

Health Reimbursement Arrangement (HRA)

There are several types of health reimbursement arrangements (HRAs), including:

~ HRA 105/ Section 105

~ Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) 

~Individual Coverage Health Reimbursement Arrangement (ICHRA).

HRAs are offered by small business owners and provide tax-free healthcare reimbursement to employees.

HRAs are typically offered alternatively to traditional group health insurance. HRAs can cover medical expenses like health insurance premiums, prescriptions, deductibles and copays.

Flexible Spending Account (FSA)

A flexible spending account (FSA) is an account that accountholders can add money to for paying out-of-pocket healthcare costs. FSA funds can be used to pay for copayments, deductibles, coinsurance and some prescriptions.

Like HSA funds, you won’t have to pay taxes on FSA contributions. Employers can make contributions to an FSA, as well.

Unlike HSA funds, FSA money doesn’t roll over unlimited each year, and FSAs can’t be used with Marketplace plans. To learn more, talk with a health insurance broker expert.

Health Savings Account (HSA)

A health savings account (HSA) is designed to pair with high deductible health plans (HDHPs). HSA participants, both employers and the covered employees, can contribute money to their accounts and use those contributions for medical costs tax-free.

HSA balances roll over each year, so the contributions always stay in the HSA until they’re used. Employees aren’t eligible for HSA plans if they have other health insurance coverage, or if they’re a dependent or listed on someone else’s tax returns. While HSAs can offer flexibility, they may not offer adequate healthcare coverage, depending on what your family needs.

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Family Health Insurance

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4 ways to obtain Health Insurance

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3 most common mistakes when purchasing health insurance