Access Health CT will be the state's new health insurance market. This marketplace will let individuals and small business buy insurance at federally-subsidized rates. The marketplace will open on January 1. There are many things you should consider when selecting a healthcare insurance plan.
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. Check out the metal level for a comparison of the costs. 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. These plans have lower coverage limits and can be enrolled at any time throughout the year.
Access Health CT offers plans both for individuals and families. Silver plans cover a variety of services and have smaller deductibles for prescription drugs. Silver plans might be worth considering if you only use certain medical services from time to time. You may also qualify for Cost-Sharing Reductions (CSRs), which lower the out-of-pocket costs for deductibles and coinsurance. You must be enrolled in a Silver-level plan to be eligible for these lower-cost options.
Prices of plans
Access Health CT Marketplace offers several plans. All have their benefits and drawbacks. Each plan has a different monthly premium,deductible and copay. For those who need comprehensive coverage, the platinum plan is a good choice. 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. This plan is not as comprehensive but offers a lower premium with a lower deductible. You can also get financial assistance in varying amounts.
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. You can also switch to the Covered Connecticut program if you're eligible. You may not be eligible for tax credits so wait until the Special Entry Period.
You have options 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. If you are currently without insurance or need to replace your plan, this is a good time to consider enrolling in an Access Health CT plan.
When you enroll in a plan, you'll be able to choose from a variety of options. Your income and eligibility will determine the options you have. You may be eligible for a subsidy depending on your status as caregiver. You may also be eligible for a plan through a partner firm, such as HUSKY Healthcare. There are both overlapping networks that provide services for 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
The tax credit is a way to help people afford health insurance premiums. Individuals and families can apply for it if they earn up to 138 per cent of the federal poverty line. People who earn this amount can use the credit to purchase a bronze, silver, gold, or platinum health insurance plan.
The credit can be used immediately after signing up for an insurance program. 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.