When evaluating your health insurance options in Knoxville, Tennessee, it is very important to look at networks. The state of Tennessee is broken up into 8 regions; Knoxville falls into region number 2. Counties included in region number 2 are: Anderson, Blount, Campbell, Claiborne, Cocke, Grainger, Hamblen, Jefferson, Knox, Loudon, Monroe, Morgan, Morgan, Roane, Scott, Sevier, and Union.
There are two types of options for health insurance in Tennessee region number 2 and they are known as On Exchange or Off Exchange. Keep in mind, Exchange and Marketplace have the same meaning in the health insurance industry. On Exchange means that you are enrolling in a plan through the Federal Marketplace. American Exchange has a direct connection to the federal marketplace, so we can administer enrollments, make plan changes, complete eligibility reports, and complete identity verification. We act as a liaison between the insurance company, federal marketplace, and you. Without an adviser between all three, the process is never going to operate smoothly. Make sure as a consumer that you are clear on the only time you really need to enroll through the Federal Marketplace is if you qualify for advanced premium tax credits or subsidies. You qualify for advanced premium tax credits if you earn from 100%-400% of the Federal Poverty Level. For 2015, 100% of the federal poverty level is $11,770 for an individual and 400% is obviously 4 times that or $47,080 in income a year. For a family of four, 400% of the federal poverty level is $97,000 for total household earnings. People are astounded when they learn that the subsidies are available for people who earn as much as $97,000 a year. The amount of subsidy you qualify for is based on a percentage of income. If your earnings are at 100% of the federal poverty level, you will not have to pay more than 2% for the second lowest cost silver plan. When your earnings get up to 400% of the federal poverty level, you will not have to pay more than 8.5% of your income for the second lowest cost plan. If you do not earn between 100%-400% of the federal poverty, you should enroll in an Off Exchange plan. Now that you are educated on the differences between On and Off Exchange, let’s move on to the Health Insurance options available in Knoxville or Region number 2.
On Exchange Options in Knoxville Tennessee or Region 2
There are 3 options (listed from highest to lowest) available On Exchange in Knoxville, Tennessee and they are Community Health Alliance, Blue Cross Blue Shield of Tennessee, and Humana.
Community Health Alliance
Community Health Alliance was the lowest cost health insurance option this year On Exchange. Community Health Alliance is a non profit created in the Affordable Care Act Bill, known as a co-op, to provide more competition. Being a non profit and having no shareholders, all revenues go back to the member after normal business expenses. Community Health Alliance ceased enrollment on January 14th and are resuming enrollment for new policies on August 1st. They offered two networks: Select, a smaller regional network only available in the Nashville and Memphis area, and Choice, the bigger network offered in Region 2 and statewide. While both networks are smaller than Blue Cross Blue Shield of Tennessee’s S network, they are very similar to the E network. For specifics and a provider directory, click here to view the Community Health Alliance network. Community Health Alliance is focusing on expanding its network daily and American Exchange is hopeful that it will be much broader for the upcoming open enrollment.
Blue Cross Blue Shield of Tennessee
Blue Cross Blue Shield of Tennessee is the second lowest cost option On Exchange this year. Blue Cross has the majority of membership on the individual market in the State of Tennessee. They have three networks available; E,S, and P. To view the networks for each click on the associated name of the network. The E network is the lowest cost option and the most limited network. The two hospitals in the Knoxville area that are in E network are the University of Tennessee Medical Center and Blount Memorial Hospital. There are over 13 hospitals in the Knoxville Area in the S network and the same amount in the P network. The P network has a few more specialist doctors that the P network. The S network has more members than any other Blue Cross Plan. The S network is 16% more than the E network and the P network is incrementally more than S network.
Humana offered their PPOx network in Knoxville for the 2015 plan year. This is the third lowest cost plan in Knoxville On Exchange. The PPOx network is very expansive as we feel very comfortable placing our clients in their network. On Exchange, we only sold a handful of policies because Community Health Alliance and Blue Cross Blue Shield of Tennessee had lower cost options. To view the Humana PPOx Network click here.
Off Exchange Options in Knoxville, Tennessee or Region 2
Off exchange, there were 4 competitive carriers in the Knoxville area: Humana, Blue Cross Blue Shield of Tennessee, United Healthcare, and Community Health Alliance. PPO networks were available for all carriers. In order from lowest to highest rate, it goes: Humana, Blue Cross Blue Shield of Tennessee, Community Health Alliance and United Healthcare. Between these four carriers, there are hundreds of plan options left for the consumer.
For more information about American Exchange visit us online at americanexchange.com or feel free to call one of our benefits consultants at any time for a free evaluation. Our local Tennessee number is 423.424.0586. For more information you can email us at firstname.lastname@example.org.