We have found an excellent way for you to shop the health insurance markets:
For individuals who are not already covered, or who are not exempted, meeting the individual mandate means shopping for insurance. To make the task easier, the federal government and many states created Health Insurance Marketplaces (also known as Exchanges) – websites that allow comparison of available plans based on price, benefits and services, and quality. By pooling customers, reducing transaction costs, and increasing transparency, Health Insurance Marketplaces create more efficient and competitive markets for individuals and small employers. They will allow individuals to benefit from the pooling of risk, market leverage, and economies of scale that large businesses currently receive.
The Marketplaces offer four levels of insurance plans: bronze, silver, gold and platinum.The levels are based on the percentage of covered costs that a plan would pay. Insurers don’t have to offer plans in all four levels.
- Bronze – The insurance plan would pay 60% of covered health care costs. The enrollee, on average, would be responsible for paying 40% of the costs.
- Unless the individual qualifies for the catastrophic plan, this is the minimal insurance that meets the individual mandate.
- The cost of bronze-level insurance is used to determine whether insurance is affordable: the cost must not be greater than 8% of family income to be considered affordable.
- Silver – Insurance would pay 70% of covered health care costs, enrollee would be responsible for 30%.
- This is also known as the Benchmark Plan that is used in determining an enrollee’s eligibility for insurance subsidies.
- Gold – Insurance would pay 80% of covered health care costs, enrollee would be responsible for 20%.
- Platinum – Insurance would pay 90% of covered health care costs, enrollee would be responsible for 10%.
In addition to these four plan levels, catastrophic plans will offer essential health benefits, but with high deductibles. Only young adults under 30 and individuals exempted from the individual mandate because they cannot find affordable insurance are allowed to purchase catastrophic plans and be considered covered under the individual mandate. (Of course, other non-qualified individuals could purchase catastrophic plans on the private market, but such coverage alone would not meet the requirements of the individual mandate, so the customer would be subject to the penalty.)
READY TO GET STARTED?
Click the links below and to get started and shop for the best health insurance coverage for you and your family.
If you are under 65 years of age:
If you are over the age of 65:
If you are interested in calculating the cost of health insurance or calculating penalties for not having health insurance, please contact me and we will look at the Drake Health Calculators for the most accurate cost estimates. Call me at (209) 329-1255.
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