What is the Florida Home Builders Private Exchange?
The exchange is an online marketplace where members, and their employees, can compare and purchase products and services from insurance providers that compete for business within the exchange.
What products are available in the private exchange?
Medical insurance is the main attraction on the private exchange, however other products will be available at specially negotiated pricing, such as dental, vision, disability, accident, telemedicine, identity theft protection, and medical expense plans that do not meet the criteria of minimum essential coverage. Insurance plans are provided by leading providers.
What is different about the insurance plans in the private exchange versus the public exchange (aka Federally Facilitated Exchange or Health Insurance Marketplace)?
Most health insurance plans available on the public exchange (known as Qualified Health Plans) will also be available, at the same rates, through the private exchange. The private exchange has additional plans that will not be available through the public exchange. This is because some insurance providers have chosen to limit the number of plans they offer on the public exchange or have chosen not to participate on the public exchange. Both the public and private exchange will have dental plans available. Plans available on private exchange that will not be available on the public exchange include vision, wellness, and medical expense health plans that do not meet the criteria of minimum essential coverage.
Can I be turned down for health insurance coverage in the private exchange due to a pre-existing health condition?
Beginning with new coverage effective dates of January 1, 2014, most health insurance plans can’t refuse to cover you or charge you a higher premium because of a pre-existing health condition. This will be the case regardless of whether you purchase your plan on the public or private exchange.
What about the subsidies I keep hearing about to help me pay for my health insurance?
As part of the Affordable Care Act (ACA), beginning in October 2013, lower and middle-income people under age 65, who are not eligible for coverage through their employer, Medicaid, or Medicare, can apply for tax credit subsidies available through the public exchange. Our online calculator, within the private exchange, will help you estimate if you potentially qualify for a tax-credit. If you do, our enrollment counselors are available to assist and guide you through the tax-credit application and for coverage on the public exchange.
Is the private exchange available to out of state members?
No, not at this time. Due to complexities and differences in health insurance providers and the public exchange rules in each state, the health insurance products in The Florida Home Builders Private Exchange are only available to residents of Florida at this time.