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There are lots of buzz words and terminology associated with the Affordable Care Act (ACA). One of the most common questions asked when shopping for health insurance is “where do I shop for plans?”, “should I shop on-exchange or off-exchange?”, and really, “what’s the difference?”
Here we will uncover the common misconceptions about on-exchange and off-exchange plans and guide you on how to make the best decision when shopping for health insurance.
Before shopping for health insurance, first ask yourself: do I qualify for financial assistance? The answer to this question will direct you to the appropriate insurance plans — on-exchange or off-exchange.
A health insurance exchange is an online portal containing information, plan choices and enrollment capability for health insurance. There are two main types of exchanges — public and private. A public exchange is sponsored and run by a government entity, such as healthcare.gov. A private exchange is sponsored and run by a private entity or business, such as IXSolutions.
No matter which exchange you choose, the prices of health insurance will always be the same. The main difference is accessing financial assistance.
The terms “on-exchange” and “off-exchange” can be confusing. Here is the key difference:
On-exchange means those plans that are available on the public exchange only. If you qualify for a subsidy, and choose to use it on your health plan, then shopping on-exchange is your best option. Roughly 3.5% of the population in the USA qualify for financial assistance.
Off-exchange means those plans that are available outside of the public exchange environment, or in the open market. The number one benefit of shopping off-exchange is greater plan choice. If you don’t qualify for a subsidy, the advantages of shopping off-exchange is substantial.
With IXSolutions, you will get access to both on-exchange and off-exchange plans, and we work with you to determine where you should shop for coverage. We offer online resources and licensed insurance professionals, who can calculate whether you are eligible for financial assistance. Either way, our job is to find the best plan to suit an individual’s unique needs and circumstance.
You should always find out if you qualify for any financial assistance. Eligibility depends primarily on annual household income and family size. Your annual income will likely be the biggest factor of how much financial assistance you get.
In fact, the less money you make, the more savings you can get. In this case, on-exchange plans are for you. IXSolutions will help you determine savings and get you shopping for the right plans in the right place.
Healthcare.gov is a web site of the federal government that supports enrollment in only on-exchange health insurance plans. Many think it is the only place to get access to individual insurance under the ACA, but that’s just not true.
IXSolutions offers access to the same on-exchange plans as healthcare.gov, and we also provide off-exchange plans. There is no difference in the on-exchange insurance plans offered by either web site.
If you want more than just health insurance, IXSolutions also offers access to dental and vision plans from leading insurance companies. Our licensed professionals will help you find the additional coverage you need.
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The Internal Revenue Service (IRS) recently published Revenue Procedure 2022-38. The Revenue Procedure includes the inflation-adjusted 2023 contribution limits for certain employee benefit programs. Below is a summary of some of those contribution limit adjustments.
IXSolutions brings over 30 years of combined experience to the market as Employee Benefits Consultants. We’ve been bringing creative solutions and alternatives to the market since the inception of the Affordable Care Act.
Today, we work with companies, individuals, and Medicare eligible individuals to provide solutions to the complex insurance industry. We are a trusted partner to thousands of clients, brokers, and associations across the country.
