Tennessee is considered one of the few states that have higher uninsured rates. The state has taken a more hands-off approach, utilizing a federally-facilitated exchange and has not yet expanded upon Medicaid. Tennessee health insurance premiums are showing to decrease in 2019 following two years of sharp increases.
At this time, there is no state law requiring employers to provide group healthcare insurance to employees, but many employers offer it. If offered, the state’s insurance laws require policies to include specific, mandated benefits while providing employees with group coverage or utilizing an individual policy under particular circumstances, if the employee leaves that group.
According to federal law, no state is allowed to regulate and manage self-insured benefit plans. Tennessee’s continued, mandated benefits and conversion provisions do not apply to plans where the employer pays all benefits. Many self-insured plans purchase stop-loss insurance to cover exceedingly large claims. This purchase does not equate to a loss of self-insured status or any type of exemptions.
Tennessee mandates additional benefits that must be provided by those authorized to sell healthcare insurance. These include coverage for:
In 2010, the Patient Protection and Affordable Care Act became a law which required U.S. citizens and other legal residents to have qualifying healthcare coverage or pay a tax penalty for each month they go without having insurance. The penalty is charged per adult and per child with increases each year. This will not be the case for long. For those who work for an employer that does not provide coverage, it is critical to self-insure. With so many potential injuries and illnesses that can occur, it is important to be insured if one of these unfortunate incidences occurs.
For more information about Tennessee-specific health insurance, contact 1 Source Insurance Group today! 1 Source Insurance Group can provide you with all the material needed for you to make an informed decision about your health insurance.