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The Health Insurance Marketplace offers options for people to get health insurance who can’t get it through a job, Medicare, Medicaid or another qualifying source. The Marketplace has a variety of private health insurance policies you can pick from. What you pay depends on your income. Most people will qualify for a new monthly tax credit (Advanced Premium Tax Credit) that will lower your monthly payments right away. Also, some people will qualify for help paying their co-pays and deductibles. Eight out of ten people will qualify for immediate savings to help pay their monthly premiums.
What Kinds of Plans Are Available?
The Health Insurance Marketplace offers a variety of plans to pick from. You have the option to pick a Bronze Plan, Silver Plan or Gold Plan. Plans in each category pay different amounts of the total costs of your healthcare. For instance, you may pay 40% of the cost if you go with the Bronze plan, 30% with Silver, and 20% with Gold. Co-pay and deductibles may apply.
What to Consider When Choosing a Plan
If you expect a lot of doctor visits or need regular prescriptions, you may want a low deductible Silver or Gold plan. These plans generally have higher monthly premiums but pay more of your costs when you need care.
If you don’t expect to use regular medical services and don’t take regular prescriptions:
You may want a Silver or Bronze plan. These plans cost you less per month, but pay less of your costs when you need care. Make sure you look at all the costs that come with having health insurance. Be familiar with the plan’s monthly premium (how much you pay each month), deductible (the amount you pay before your insurance begins to pay), and co-pays (a dollar amount you pay for a medical service). It is important to consider all of these costs when choosing a health plan. The plan that is the least expensive every month may not necessarily be the best option for you and your family.