Best Health Insurance Agencies in Chico

Frequently Asked Questions

• Introduction

  If you're looking for health insurance for yourself or your family, an agent can help you save time, understand your options, and manage your costs. Insurance agents must be licensed in the state where they operate. They can provide information about on- and off-exchange plans to help you weigh all of your options, and they can see if you qualify for tax credits that can lower your monthly premiums. There's no cost to work with an agent, and they can help you save quite a bit by recommending the best plan for your needs. Here's what you should know before you get started.
  

• What should residents of Chico understand about group and individual health insurance policies?

  Chico residents should be aware that group policies are purchased through companies or associations, with the group being the identified entity and employees receiving Certificates of Coverage. Individual/family plans, on the other hand, are purchased independently and are customized for the individual and their family. Although some individual policies allow for the addition of family members, it is crucial for Chico residents to carefully consider their options and pick the health insurance that best suits their requirements.

• What is the reporting requirement of the Affordable Care Act for employers and health coverage providers in Chico?

  As the Affordable Care Act requires, established businesses in Chico must submit annual IRS reports. Utilizing IRS Form 1095-C, they must provide full-time employees with proof of their health benefits. Health coverage providers, on the other hand, must submit IRS Form 1095-B each year and provide documentation to those they have insured, even for a single day.

• What are the options for Chico residents to comply with Obamacare?

  Chico residents can choose no insurance but will face a tax penalty. They can opt for inexpensive insurance yet might face a tax fine if it doesn't cover essential benefits. Another choice is a qualified health plan, which can be outside of Covered California, but for government subsidies, it must be from Covered California. Alternatively, residents can join a Health Care Sharing Plan to avoid the tax penalty and enjoy lower premiums.

• What essential health services are covered by most health insurance plans in Chico?

  In Chico, most health insurance plans include inpatient care, ambulatory surgical treatments, and diagnostic evaluations, such as lab tests and X-rays. These plans also cater to regular health check-ups, vaccine administrations, psychological health assessments, urgent healthcare needs, and rehabilitative sessions like physio and verbal therapies. Some packages extend coverage to after-hospital residential or caregiving facility services.

• When is the deadline for group health plan sponsors in Chico to file coverage reports?

  Group Health Plan sponsors in Chico should file coverage reports with the California Franchise Tax Board by March 31, following the end of each calendar year. The deadline for furnishing individual statements is January 31, following the end of the calendar year. Even though the IRS offers a 30-day extension until March 2 (or March 1 in leap years), California maintains its January 31 deadline. The state does not impose penalties for missing this deadline.

• How can you find affordable health insurance? 

  Affordable insurance is available through employers, Medicare, Medicaid, and the federal Health Insurance Marketplace, which offers subsidies in the form of tax credits. You can also purchase coverage through private insurance companies and independent agents. Nearly half of all Americans have employer-sponsored health insurance, and about 10% of the population is uninsured.