The state of Connecticut is creating a new health insurance marketplace called Access Health CT. This marketplace will let individuals and small business buy insurance at federally-subsidized rates. The marketplace will officially open on January 1, 2012. When choosing a plan for health insurance, there are many factors to take into consideration.
Plans Available
The plans available through Access Health CT cover ten essential health benefits and some services are provided at no cost. These plans have varying monthly premiums. You can compare the cost of the different plans by checking out the metal level. While having a lower monthly premium, the catastrophic plan offers only 60 per cent 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 to both individuals as well as families. Silver plans offer a wider range of services and lower deductibles for prescription drugs. If you only need to use certain medical services every now and then, you may want to consider a Silver plan. Cost-Sharing Reductions can be available that will lower out-of budget costs such as coinsurance and deductibles. However, you must enroll in a Silver level plan in order to qualify for these lower-cost options.
Plans cost
Access Health CT Marketplace offers several plans. All have their benefits and drawbacks. Each plan has a different monthly premium,deductible and copay. The platinum plan offers comprehensive coverage and is recommended for those who want it. Platinum plans are for people with serious medical needs and cover 90 percent. You can also get catastrophic plans for residents younger than 30 years old and those who are eligible for a hardship exemption. While this plan does not offer as much coverage, it has a lower premium than the deductible. Additionally, the plans offer varying levels financial assistance.
If you are currently covered by an employer-sponsored plan, you can switch to an Access Health CT plan. This plan is only available to those who are eligible. 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.
There are many 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. You should consider enrolling in Access Health CT if you are without insurance or need to replace it.
You have the option to select from many options when you sign up for a plan. The options available to you will depend on your income and eligibility. You may be eligible for a subsidy depending on your status as caregiver. 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. If you have a relative on either plan, you can choose the same physician or medical provider.
Tax credits available
The tax credit is a way to help people afford health insurance premiums. It is available for individuals and families with incomes up to 138% of the federal poverty level. People who earn this amount can use the credit to purchase a bronze, silver, gold, or platinum health insurance plan.
Once you have signed up for an insurance plan, you can get the credit immediately. 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. Your income may determine how much tax credits you are eligible to receive each year.