The state of Connecticut is creating a new health insurance marketplace called Access Health CT. This marketplace will let individuals and small business buy insurance at federally-subsidized rates. The new marketplace is set to open on January 1st. 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 come with different monthly premiums. Check out the metal level to see how the various plans compare. The lowest-cost catastrophic plan has a low monthly premium, but covers only 60 percent of costs. This plan is suitable for those who need extensive medical attention, such an emergency room visit or hospital stay. These plans have lower coverage limits and can be enrolled at any time throughout the year.
Access Health CT offers plans both for individuals and families. Silver plans include a wide range of services, and have lower deductibles on prescription drugs. Silver plans are best for those who only require certain services occasionally. You may also qualify for Cost-Sharing Reductions (CSRs), which lower the out-of-pocket costs for deductibles and coinsurance. These lower-cost options are only available to those who have enrolled in Silver plans.
Costs of plans
Access Health CT market offers several plans. Each plan has its benefits and limitations. Each plan has its own monthly premium and deductible. The platinum plan offers comprehensive coverage and is recommended for those who want it. Platinum plans cover 90 percent of care costs and are typically designed for people with serious health needs. There are also catastrophic policies that are available to residents who are under 30 or those who are eligible for hardship exemptions. 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.
You can switch to Access Health CT if you are covered by an employer-sponsored program. However, you will need to wait until the fall open enrollment period to sign up for this plan. If you are eligible, it is possible to switch to Covered Connecticut. But, tax credits may not be available to you. You should wait for the Special Enrollment Period.
There are many options for enrolling in plans
Access Health CT will be Connecticut's new marketplace for health insurance. This will enable individuals and small businesses to purchase affordable coverage at federally subsidized rates. Access Health CT is a great option if you're currently without insurance, or need to change your current plan.
You have the option to select from many options when you sign up for a plan. Your income and eligibility will affect the choices you have. A subsidy may be available depending on the status you have as a caregiver. You can even get a plan through a partner company, such as HUSKY Health. There are both overlapping networks that provide services for both companies. This means that you can choose to see the same doctor or provider even if your family members are on both plans.
Tax credits available
The tax credit can help you afford your health insurance premiums. The credit is available to families and individuals earning up to 138% of the federal poverty threshold. People who earn this amount can use the credit to purchase a bronze, silver, gold, or platinum health insurance plan.
After enrolling in an insurance policy, the credit will be available immediately. You will need to pay your monthly premiums in most cases. However, you can request a premium credit tax credit right away. Your income may determine how much tax credits you are eligible to receive each year.