Maintaining healthcare coverage is as important as ever as we face the threats of COVID-19.  AHIP, the national association whose members include most healthcare insurance providers, has provided Congress with a multi-pronged recommendation to provide assistance to help consumers maintain coverage. It is estimated that as many as 35 million Americans could lose their employer-provided coverage. At this date, no specific subsidies have been announced.

If you are faced with the possible loss of coverage, we can help you evaluate your options. Some insurance carriers are extending the grace period for payments, so check with your carrier if you are unable to make payments.

If you lose your job and your employer-provided coverage, you may have the option of continuing coverage with COBRA. If that is not an option, you can get an individual policy with the help of a health insurance agent or secure coverage through the ACA exchange. If your income is over $49,960 for a single person or $103,000 for a family of 4 you will not be eligible for an ACA subsidy.

If you would like to connect with a knowledgeable health insurance agent, we can make an introduction to an allied professional who can help in developing creative solutions for individuals and business owners.  They have helped clients create a small business group policy with as few as two people, which can save $100 or more per month compared to an individual policy. Recently, we were able to work with an allied professional to help a business owner who had to furlough staff as a result of a shutdown. They were able to formulate a plan to keep the employees on the health plan and cover the employee portion of the premium until they return to work.

Getting Healthcare for COVID

Most insurance carriers have made efforts to remove cost barriers for COVID-19.  Most have eliminated patient co-pays for testing and treatment, waived prior authorizations and greatly expanded Telehealth services.  They have also enhanced availability of emotional and behavioral support during this anxious time. Check with your carrier to understand what additional benefits may be available to you.

This healthcare crisis has seen America come together in amazing ways. We believe we will innovate our way out of this and expect some very positive changes as a result. Industry experts believe that healthcare will be more widely available at a lower cost as a direct result of enhanced telemedicine with improved remote monitoring tools.

Disclosure: Marshall Financial Group, Inc (“Marshall Financial”) is an SEC-registered investment adviser with its principal place of business in Doylestown, Pennsylvania.   This newsletter is limited to the dissemination of general information pertaining to Marshall Financial Group’s investment advisory services.  Investing involves risk, including risk of loss.

This newsletter contains certain forward‐looking statements (which may be signaled by words such as “believe,” “expect” or “anticipate”) which indicate future possibilities. Due to known and unknown risks, other uncertainties and factors, actual results may differ materially from the expectations portrayed in such forward‐looking statements. As such, there is no guarantee that the views and opinions expressed in this letter will come to pass.

For additional information about Marshall Financial, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov).  Please read the disclosure statement carefully.