The state of Connecticut is creating a new health insurance marketplace called Access Health CT. This marketplace will allow individuals and small businesses to buy health insurance at federally subsidized rates. The marketplace will open on January 1. When choosing a plan for health insurance, there are many factors to take into consideration.
Plans available
Access Health CT has plans that provide ten essential health benefits. Other services are available at no charge. These plans come with different monthly premiums. Compare the prices of these plans by looking at the metal level. While the catastrophic plan is the lowest cost, it has a low monthly fee and covers only 60 percent. This plan is ideal for those who require intensive medical care, such a hospital stay or an aggravated illness. The coverage limits are also lower, and you can enroll in this type of plan at any time of the year.
Access Health CT has plans that are suitable for families and individuals. 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. Cost-Sharing Reductions are available to help lower your out-of-pocket deductibles or coinsurance. However, you must enroll in a Silver level plan in order to qualify for these lower-cost options.
Plan costs
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. There are also catastrophic plans available for residents below 30 and those who meet the hardship exemption criteria. 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.
Access Health CT plans can be switched to if you are currently covered under an employer sponsored plan. For this plan to become available, you will need wait until fall open enrollment. You may be eligible to change to the Covered Connecticut program. But, tax credits may not be available to you. You should wait for the Special Enrollment Period.
You have options 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 plans are a great choice if your plan is not in force or you need to get insurance.
You'll have the ability to choose from a wide range of plans when you enroll. Your income and eligibility will determine the options you have. Some cases may allow you to qualify for a subsidy due to your status of caregiver. You can even get a plan through a partner company, such as HUSKY Health. There are overlapping networks of providers for both companies. This means that if you have a family member on each plan, you can choose to visit the same medical provider or doctor.
Tax credits available
The tax credit is a way to help people afford health insurance premiums. It's available to people and families who earn at least 138 percent of the federal poverty levels. The credit is available to those who earn the required amount. They can then use it to buy bronze, silver or gold health insurance plans.
The credit can be used immediately after signing up for an insurance program. While you are required to pay for your monthly premiums in most instances, you may be eligible for a premium tax credit. You could receive tax credits of up to $1,000 per calendar year depending on your income.