Access Health CT, a new marketplace for health insurance in Connecticut, is being created. This marketplace will allow individuals and small businesses to buy health insurance at federally subsidized rates. The marketplace will officially open on January 1, 2012. There are many factors you need to consider when choosing health insurance.
Plans Available
Access Health CT has plans that provide ten essential health benefits. Other services are available at no charge. These plans have different monthly rates. Compare the prices of these plans by looking at the metal level. The catastrophic plan with the lowest monthly premium has only 60 percent coverage. This plan is best for those who require extensive medical care such as hospitalizations or acute illnesses. The coverage limits are also lower, and you can enroll in this type of plan at any time of the year.
Access Health CT offers plans for both individuals and families. Silver plans provide coverage for a range of services with lower deductibles. If you only need to use certain medical services every now and then, you may want to consider a Silver plan. Cost-Sharing Reductions (CSRs) may be an option that lowers your out-ofpocket expenses for deductibles, coinsurance, and copayments. However, you must enroll in a Silver level plan in order to qualify for these lower-cost options.
Plans cost
There are several plans to choose from within the Access Health CT marketplace, and all have their own benefits and limitations. Each plan has its monthly premium, copay amount, and deductible. The platinum plan is an excellent choice for people who need extensive coverage. Platinum plans typically cover 90% of medical costs and are designed for people with very serious health problems. There are also catastrophic plans available for residents below 30 and those who meet the hardship exemption criteria. Although this plan isn't as comprehensive, it offers a lower premium and a lower deductible. The plans also come with varying levels of financial assistance.
Access Health CT is available for those currently covered by employer-sponsored plans. However, you will need to wait until the fall open enrollment period to sign up for this plan. If you are eligible, you can switch to the Covered Connecticut plan. To be eligible for tax credit, however, you might not qualify. Wait until the Special Enrollment period.
Optional ways to enroll in plans
Access Health CT, Connecticut's new health insurance market, will allow small and large businesses and individuals to get affordable health insurance through federally subsidised rates. Access Health CT can be a great way to save money if you don't have insurance or are looking to replace your existing plan.
You have the option to select from many options when you sign up for a plan. Your income, eligibility and other factors will impact the options that you have. Your status as a caregiver may qualify you for a subsidy. You can even get a plan through a partner company, such as HUSKY Health. There are overlaps in the networks of providers between both companies. You can visit the same doctor or medical provider if you have a family member who is covered by each plan.
Tax credits available
The tax credit helps people pay for their premiums. It is available for individuals and families with incomes up to 138% of the federal poverty level. These individuals can use the credit for a bronze or silver, gold, and platinum plan of health insurance.
You can apply for the credit right away after you enroll in an insurance plan. While you are required to pay for your monthly premiums in most instances, you may be eligible for a premium tax credit. Based on your income, tax credits may amount to up to $1,000 per annum.