Access Health CT, a new marketplace for health insurance in Connecticut, is being created. The marketplace will enable individuals and small businesses alike to purchase insurance at federally subsidized rates. The new marketplace will open January 1, 2010. When selecting a health insurance policy, there are many things to consider.
Plans offered
Access Health CT has plans that provide ten essential health benefits. Other services are available at no charge. These plans have different monthly premiums. The metal level allows you to compare the costs of different plans. While having a lower monthly premium, the catastrophic plan offers only 60 per cent coverage. This plan is suitable for those who need extensive medical attention, such an emergency room visit or hospital stay. You can also enroll in this plan at any hour of the day, as there are no coverage limits.
Access Health CT offers plans to both individuals as well as families. Silver plans cover many services and have lower prescription drug deductibles. If you only need to use certain medical services every now and then, you may want to consider a Silver plan. You may also qualify for Cost-Sharing Reductions (CSRs), which lower the out-of-pocket costs for deductibles and coinsurance. However, you must enroll in a Silver level plan in order to qualify for these lower-cost options.
Plan prices
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 own monthly premium and deductible. The platinum plan is an excellent choice for people who need extensive coverage. The platinum plan covers 90 percent of the care costs and is typically for people who have serious health issues. You can also get catastrophic plans for residents younger than 30 years old and those who are eligible for a hardship exemption. Although this plan isn't as comprehensive, it offers a lower premium and a lower deductible. These plans come with different levels of financial aid.
If you are currently covered by an employer-sponsored plan, you can switch to an Access Health CT plan. For this plan to become available, you will need wait until fall open enrollment. If you're eligible, you may also be able to switch to Covered Connecticut. However, you may not be eligible to receive tax credits. Therefore, wait until the Special enrollment period.
Optional ways to enroll in plans
The new health insurance marketplace in Connecticut, Access Health CT, will allow individuals and small businesses to buy affordable health insurance coverage through federally subsidized 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 can choose from many options once you have signed up for a plan. The options available to you will depend on your income and eligibility. A subsidy may be available depending on the status you have as a caregiver. You can get a plan through a partnership company like HUSKY. Both companies share the same network of providers. 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 can help you afford your 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.
You can apply for the credit right away after you enroll in an insurance plan. The credit is available immediately after you enroll in an insurance plan. You must still pay your monthly premiums. But, you can apply for a tax credit for premiums to get the money as soon as you sign up. Based on your income, tax credits may amount to up to $1,000 per annum.