Access Health CT is the new state's health insurance marketplace. The marketplace will enable individuals and small businesses alike to purchase insurance at federally subsidized rates. The new marketplace will be open from January 1st. When selecting a health insurance policy, there are many things to consider.
Plan options available
The plans available through Access Health CT cover ten essential health benefits and some services are provided at no cost. These plans have different monthly premiums. The metal level allows you to compare the costs of different plans. The lowest-cost catastrophic plan has a low monthly premium, but covers only 60 percent of costs. This plan is best for those who require extensive medical care such as hospitalizations or acute illnesses. This type of plan has lower coverage limits. You can enroll anytime of the year.
Access Health CT offers plans for both individuals and families. Silver plans include a wide range of services, and have lower deductibles on prescription drugs. Silver plans can be beneficial if you need only certain medical services on occasion. 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.
Plan costs
Access Health CT has many plans available. Each plan comes with its own limitations and benefits. Each plan has its own monthly premium and deductible. The platinum plan offers comprehensive coverage and is recommended for those who want it. Platinum plans provide coverage for 90 percent of healthcare costs. They are usually designed for those with severe health conditions. There are also catastrophic policies that are available to residents who are under 30 or those who are eligible for hardship exemptions. Although this plan isn't as comprehensive, it offers a lower premium and a lower deductible. You can also get financial assistance in varying amounts.
You can switch to Access Health CT if you are covered by an employer-sponsored program. However, you will need to wait until the fall open enrollment period to sign up for this plan. You can also switch to the Covered Connecticut program if you're eligible. But, tax credits may not be available to you. You should wait for the Special Enrollment Period.
Options for enrolling 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 is a great option if you're currently without insurance, or need to change your current plan.
There are many options available to you when you sign up for a policy. Your income and eligibility will affect the choices you have. Your status as a caregiver may qualify you for a subsidy. You may be eligible to receive a plan through a company partner, such HUSKY. There are overlaps in the networks of providers between both companies. This means that you can choose to see the same doctor or provider even if your family members are on both plans.
Tax credits available
Tax credit can be used to help individuals and families afford their health insurance premiums. Individuals and families can apply for it if they earn up to 138 per cent of the federal poverty line. These people can apply the credit to purchase bronze, silver and gold or platinum insurance plans.
You can apply for the credit right away after you enroll in an insurance plan. In most cases, you must pay for your share of monthly premiums, but you can apply for a premium tax credit to get this money right away. Depending on your income, you may be able to receive up to $1,000 per year in tax credits.