Park City, Utah (PRWEB) May 03, 2013
Today, Zane Benefits, Inc. published new information on the Michigan Health Insurance Exchange. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution health plans and health reimbursement arrangements.
According to Zane Benefits’ website starting in 2014, as part of health care reform, health insurance coverage for individuals and small businesses will become available through new state health insurance marketplaces. Most importantly, the key tax credits (e.g. the small business healthcare tax credits) and tax subsidies (e.g. individual health insurance tax subsidies) will only be available for coverage purchased via a state health insurance exchanges.
All states have three options for setting up a state health insurance exchange for 2014: Build a state-based exchange, enter into a state-federal partnership exchange or default to a federally-run exchange. Michigan initially planned on offering a state-based or state-federal partnership exchange but announced in March 2013 it will default to a federally-facilitated exchange. The exchange will open to residents October 1, 2013 for coverage starting January 1, 2014.
Michigan Health Insurance Exchange
According to Zane Benefits’ website, the Michigan Health Insurance Exchange will offer individuals, families and small businesses a new way to shop for health insurance. Beginning Oct. 1, 2013, Michigan residents will be able to shop for health insurance, compare plans and access any applicable tax credits to lower the cost of health insurance through the federally-run Marketplace. The SHOP Exchange will also be available to small businesses.
Approximately 1,145,500 or 14% of Michigan’s non-elderly residents are uninsured, of whom 1,072,509 (94%) may qualify for either tax credits to purchase coverage in the Marketplace or for Medicaid if Michigan participates in the Medicaid expansion.
History of Michigan Health Insurance Exchange
According to Zane Benefits’ website, originally Michigan was planning for a state-based or state-federal partnership exchange. Governor Rick Snyder supported the creation of MI Health Marketplace, a nonprofit to oversee the state’s health insurance exchange. However Governor Snyder acknowledged on November 16, 2012, that without authorizing legislation, he would plan for a state-federal partnership exchange. The state began moving in the direction of a partnership in August 2012 due to legislative opposition that left the state unable to meet the federal timetable for implementation. On March 5, 2013, Michigan received conditional approval from the U.S. Department of Health and Human Services (HHS) to establish a partnership exchange.
However, on March 21, 2013 the state Senate recessed without meeting a deadline to vote on accepting federal funds for the exchange causing Michigan to default to a federally-facilitated exchange.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.
Read the full story at http://www.prweb.com/releases/2013/5/prweb10696513.htm.
Copyright©2012 Vocus, Inc.
All rights reserved