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 be open from January 1st. There are many factors you need to consider when choosing health insurance.
Available plans
Access Health CT offers a range of plans that cover essential health benefits. Some services are free. These plans have different monthly premiums. You can compare the cost of the different plans by checking out the metal level. The lowest-cost catastrophic plan has a low monthly premium, but covers only 60 percent of costs. This plan is ideal for those who require intensive medical care, such a hospital stay or an aggravated illness. These plans have lower coverage limits and can be enrolled at any time throughout 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. Silver plans can be beneficial if you need only certain medical services on occasion. 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.
Costs of plans
Access Health CT Marketplace offers several plans. All have their benefits and drawbacks. Each plan comes with a monthly premium, deductible and copay amount. The platinum plan provides comprehensive coverage for those who need it. Platinum plans provide coverage for 90 percent of healthcare costs. They are usually designed for those with severe health conditions. 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. The plans also come with varying levels of financial assistance.
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 are eligible, you can switch to the Covered Connecticut plan. But, tax credits may not be available to you. You should wait for the Special Enrollment Period.
You have options to enroll in plans
Access Health CT, Connecticut's new health insurance market, will allow small and large businesses and individuals to get affordable health insurance through federally subsidised rates. Access Health CT is a great option if you're currently without insurance, or need to change your current plan.
When you enroll in a plan, you'll be able to choose from a variety of options. You will be able to choose from a variety of options depending on your income and eligibility. Your status as a caregiver may qualify you for a subsidy. You may also be eligible for a plan through a partner firm, such as HUSKY Healthcare. Both companies have overlapping networks of providers. You can visit the same provider or doctor even if you have family members on both plans.
Tax credits available
Tax credit can be used to help individuals and families afford their health insurance premiums. It is available to individuals and families earning up to 138 percent of the federal poverty level. This credit can be used to buy a bronze, gold, platinum, or silver health insurance plan.
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.