Congratulations! You’re about to sign up for a personal healthcare plan for 2016 and you’ve arrived at our blog to do your due diligence. It’s smart to have a basic education of what your options will be before you start to sign up for a healthcare plan. So read on to gain some perspective on what’s available and what may be most beneficial to you.
This year there are four different types of plans available on the insurance exchanges. They go by the names Bronze, Silver, Gold, and Platinum. While they offer the same minimum benefits, they vary in their potential out of pocket costs, with Bronze being the highest and Platinum being the lowest. Since the only plans that are required to be offered across states are Silver and Gold, that’s where we will focus our attention.
There’s fair amount of buzz about Silver plans. But there are reasons why for many it is the plan that makes the most sense.
Silver plans have lower out of pocket costs than Bronze plans. This means that if you have a Silver plan, your insurance provider will pay 70% of your healthcare costs and you will pay 30%. Out of pocket costs include deductibles, copayments, and coinsurance, but not your premium that you pay monthly.
So while there’s a chance that, when you fill out all the necessary information to view the plans that are available to you, the Silver plan may not look like the cheapest, there are potential ways that it could become cheaper. If you qualify for cost-sharing reductions, you could end up with lower out of pocket costs. When you pair that with an available tax credit (Silver plan is the only plan where you can combine the two) you can see why Silver plans are being seen as a great option for many people.
Please be aware that this information is all based on guidelines of what you can expect when you do sign up and is in no way a guarantee. Your health insurance is a contract between you and the insurance company of your choosing. Time is running out. If you have any questions about getting started or the differences between plans, don’t hesitate to reach out to us. We’ll get back to you and help you get started as quick as we can.